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Europe’s high yield bond market opened for the year on Tuesday when Spanish gaming group Cirsa issued a Eu280m deal. More supply is expected before the end of the week, with Labco, a French medical diagnostics firm, set to price a Eu500m seven year non-call three bond on Friday afternoon.
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Spanish gaming group Cirsa issued Europe’s first high yield bond of the year on Tuesday night, a Eu280m tap of its Eu400m 8.75% May 2018 note, issued in April 2010. The tap, issued through Cirsa Funding Luxembourg, was priced at 100.5, the mid-range of guidance of 100-101, to yield 8.652%. It was trading up a point on the break.
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Labco, a French medical diagnosis company, launched a Eu500m high yield bond on Tuesday, the first from a European borrower this year.
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Spanish gaming company Cirsa is set to issue a Eu280m bond on Tuesday or Wednesday to open Europe’s high yield market for 2011.
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Labco, a French medical diagnostics group, could become the first European high yield bond issuer of the year. The company sent investors pre-deal research this week and is expected to launch a formal roadshow on Monday or Tuesday.
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