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US issuers and insurance companies could benefit as Moody’s relaxes parts of its approach
Investors attracted by relative value versus loans but are not blind to risk
Floridian manager registered the vehicle in Ireland with article 8 SFDR classification
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Avis Budget is looking to sell its first euro denominated high yield bond in the 6% area. Books closed at 3pm London time today with pricing of the €250m 2021 bonds expected thereafter.
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Peugeot, the French carmaker, sold a €1bn five year high yield bond on Thursday. Bankers accumulated multiple times oversubscribed books, which allowed them to increase the deal from its €300m minimum launch size.
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Tereos, the French cooperative sugar producer, was ready to price €500m of 4.375% high yield bonds on Wednesday. The unsecured bond issue came inside initial price talk of 4.5% and grew far beyond its minimum €350m target, thanks to a strong book.
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DFS Furniture Holdings, the British sofa retailer, wants to sell some £310m of senior secured high yield bonds. It plans to use part of the proceeds to pay a £113m dividend to its shareholders.
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Central European Distribution Corp, the Polish vodka maker and distributor, has launched an exchange offer for two of its bonds as part of a financial restructuring. The proposal would cut debt by more than $750m across 2016 senior secured notes and 2013 convertible bonds.
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Franz Haniel & Cie has bought back just under €300m of its 6.75% October 2014 notes, reducing its 2014 maturity to less than €500m. It was the second tender offer on the bond, originally of €1bn, by the German investment firm, which owns stakes in Celesio and Metro Group.