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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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With four deals being marketed in European high yield this week, the primary market still lacks its strong pre-Easter momentum and several bankers do not expect to see another 12-deal week for a while.
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The European high yield market priced one deal and recorded two more bond launches in spite of negative news from the eurozone periphery over the weekend.
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French electrical equipment distributor Rexel plans to sell Eu500m of senior unsecured notes through BNP Paribas, HSBC and Société Générale, the company announced on Monday.
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Xella International, the German building materials, dry lining and lime producer, is offering a Eu300m senior secured bond to refinance debt. The 2018 notes, callable after three years, have a provisional Ba3/B+ rating – in line with Xella’s corporate credit ratings.
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British gambling company Gala Coral cut its low-rated unsecured bond offering by £125m on Thursday, but increased its secured tranche and a term loan ‘B’. The effect was to reduce the overall bond issue to £625m from £650m.
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UK retailer House of Fraser has launched a £250m senior secured 2017 bond to refinance outstanding loans. The borrower met investors in London on Thursday and will continue to do so on Friday. It will then go to Paris on Monday. Pricing is expected at the beginning of next week.