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The European high yield market has gone through two weeks of stagnation due to the Greek debt crisis, and has fallen short of the volume produced over the first half of last year — but 2015’s second half looks reassuring. -
Garfunkelux Financial Services, a German debt collection company, on Wednesday became the first European company to break the ice in the mainstream euro high yield market by starting a roadshow for a €365m deal.
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SoftBank Group on Wednesday began roadshowing for euro and dollar bonds, even though the European high yield market has been at a standstill for two weeks while Greece negotiated its third bailout.
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Vive la France! Tuesday’s national Bastille Day holiday obviously did Aéroports de Paris some good, as on Wednesday morning it reopened Europe’s mainstream investment grade corporate bond market after a fortnight’s shutdown.
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Ping An Real Estate issued the first offshore renminbi (CNH) bond in three weeks on July 14, making it the first borrower to test appetite since the Greek referendum. Although the issuer had to offer a decent premium to get the deal done, the level was flat to its onshore funding costs.
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High yield borrowers continue to hold back deals and avoid paying steeper issue premiums than they would have faced before the latest Greek crisis, but the new bailout offer is easing fears.
