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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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GEO Travel launched a Eu175m senior unsecured eight year non-call four bond to finance the acquisition of Opodo by AXA and Permira on Monday, alongside Eu480m of senior facilities.
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More German Mittelstand companies are pushing into the European high yield market, with first time issuer Alba Group launching Eu200m worth of 2018 non-call three senior notes on Monday and Valensina pricing its Eu50m bond.
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Southern Water (Greensands) has launched £250m worth of eight year senior secured bonds under its EMTN programme, according to a banker close to the deal.
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French private sector finance company Wendel launched a euro denominated seven year unsecured junk bond to refinance bank debt on Monday. Guidance of 6.875% was released on Monday afternoon, and pricing may follow before the end of the day.
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With Eu1.55bn worth of deals priced, supply from European high yield borrowers kept coming this week. More issuers are expected to follow next week, among them French container shipping company CMA CGM, the UK’s Boparan and Germany’s Valensina. All are on roadshows.
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European junk bond supply in April could beat March’s record of Eu7.2bn if this week’s pace is kept up. Over Eu2bn of deals had been printed by Thursday, with at least Eu1.4bn more expected next week.