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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
Deal launched into improving market following pause earlier in the week
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Polish synthetic rubber group Synthos announced a €500m high yield bond on Tuesday, following its recent agreement to buy two specialist rubber businesses from Trinseo for $449m. It will fund the acquisition through cash but it launched the new bond to pay down its existing term loan and put in place a more flexible capital structure, including an increased €500m revolving credit facility. -
Three Chinese borrowers and one Hong Kong issuer hit the international bond market on Monday, getting ahead of a pick-up in deal flow expected in the rest of the week.
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Deutsche Lufthansa deferred the coupon on its hybrid debt, surprising the market and sending the bonds spiralling down almost nine points. The company said the decision came as the coupon payment would have violated state aid rules in relation to Lufthansa’s bail-out from the German government.
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Akropolis, which operates shopping centres in the Baltic region, is readying a debut high yield bond issue.
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Premier Foods announced a long-expected refinancing of its main wholesale debt, a £300m 2023 bond which first came up for call last year. The refi comes as the firm published preliminary results to the end of Q1 showing profits up more than 20% for the year, and debt levels coming down.
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Leveraged loan investors that took a punt on Carnival’s rescue financing last year are set for a huge payout, as the cruise operator looks to reprice its term loan Bs.
