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High yield bonds from PagesJaunes, Jaguar and Styrolution were all nearing pricing on Thursday afternoon, after a week that had already seen Eu760m of European high yield volume from issues by Europcar and Refresco. In total, some Eu3.7bn of issuance was live this week.
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Jaguar Land Rover, a UK car manufacturer, is expected to wrap up a £1bn-equivalent sterling and dollar bond issue on Wednesday. Price talk for the three tranches was released in the morning, with the seven year dollar piece likely to yield 8% and the seven year pound and ten year dollar tranches guided in the 8.25%-8.5% area.
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European high yield remains busy in the second week in May, with five deals still roadshowing. Among them, Terra Firma’s Odeon/UCI cinema group plans to raise a £475m-equivalent senior secured seven year bond alongside a new six year super senior revolver to refinance debt.
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Ardagh Group wants to raise an equivalent of Eu395m in euro and dollar secured PIK notes to repay its 2015 PIK notes and to return money to shareholders. The Luxembourg-based packaging company plans to issue two tranches, provisionally rated Caa1, with sizes of Eu185m and $300m. The notes will mature in 2018.
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Refresco’s Eu660m seven year senior secured high yield notes priced at par inside guidance on Wednesday, with the Eu360m fixed rate tranche at 7.375% and the Eu300m FRN at three month Euribor plus 400bp.
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Heckler & Koch, a German maker of small firearms, sold a Eu295m seven year bond in line with yield guidance of 9.75% on Friday. The notes were priced at 98.75 with a 9.5% coupon to yield 9.75%.