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Europe’s high yield bond market suffered a severe disappointment on Thursday evening when LeasePlan Corp, the Dutch car finance bank, was forced to pull a €1.55bn bond. Market participants were hoping the offer would show the market was functioning properly, writes Victor Jimenez.
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Germany’s Kion Group, the largest European forklift truck manufacturer, is redeeming its €450m of secured notes at their first call date next week with proceeds from a new, cheaper loan facility.
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RBC’s BlueBay Asset Management on Thursday appointed a new portfolio manager and a new senior credit analyst to its European high yield team in London.
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Spanish renewable energy company Abengoa has asked lenders to sign a new credit facility as its March 28 deadline to avoid bankruptcy looms ever closer, but an accord appears elusive.
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Most deals in the European high yield market this year have been smaller than €300m, in stark contrast with how strongly the market opened in 2015 — but this week’s rash of bigger deals has yet to generate much optimism.
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Just when it seemed like Europe’s investment grade corporate bond new issue market was regaining momentum, last week’s slow but steady pick-up in deal flow was scuppered by Monday afternoon.