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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 the latest addition to the European high yield market’s new issue pipeline. The US car hire business wants to raise €250m of 2021 bonds, in its first European-targeted issue.
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France has a rough reputation in European leveraged finance. The insolvency regime is unfriendly to creditors, while specific laws make it hard to raise debt on an acquisition target. The new socialist government has tightened the tax regime and changed employment law. But it’s not all bad news for levfin. Some of Hollande’s changes could help the market, and above all, debt is available and private equity funds have an appetite for deals. Stefanie Linhardt reports.
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Tereos, the French sugar producer, will meet investors on Monday and Tuesday next week, with a potential high yield bond issue to follow.
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Kabel Deutschland’s planned acquisition of its peer Tele Columbus was blocked by the German Federal Cartel Office this week, putting the Munich-based cable operator back in the headlines.
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A marquee UK infrastructure asset entered the bond market on Thursday, when Arqiva, which owns many of the country’s broadcasting and mobile phone masts, raised £1.35bn in a deal that was increased, despite choppy market conditions.
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Europe’s corporate bond market crackled back into life on Monday after a very slow patch last week, with substantial issues for ThyssenKrupp and Unibail-Rodamco.