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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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Agrokor, the Croatian food and drink manufacturer and retailer, hopes to sell €475m equivalent of high yield bonds in euros and dollars – in what could be its dollar debut.
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Less than three weeks after its Sfr180m bond issue, Orange Switzerland was back in the European high yield market today. This time, the Swiss telecoms company raised €155m of February 2020 senior unsecured notes to pay a dividend to its owner, Apax.
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Smurfit Kappa made its floating rate bond debut on Tuesday, only two weeks after selling €200m and $300m of fixed rate bonds. The new senior secured FRN was priced with a coupon below that of its recently extended term loans.
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Techem, a German company that provides energy billing and energy management services, produced the highlight deal of the week in Europe’s high yield market. Making its bond debut, Techem raised €735m in a deal that was 10 times subscribed on Tuesday.
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Dutch cable operator UPC priced €600m of 10 year senior notes on Tuesday, achieving its lowest coupon so far on an unsecured bond. But the bonds traded down to 98.75/99.00 on Wednesday, according to a banker at one of the bookrunners.