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Sole bookrunner Morgan Stanley gets deal multiple times covered
Trade was oversubscribed in under 20 minutes
In highly concentrated book, top 20 investors take 90%
The relaunched IPO was cancelled after leads attempted to reduce the transaction to around €300m
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Theme park group Parques Reunidos has raised an extra €200m from a "select group of existing investors", as it seeks to combat the coronavirus-impaired operating environment that has shut many of its water park locations across Europe. -
While the US high yield market has delivered a deluge of secured rescue bonds to bail out airlines, cruise lines, car rental firms, hotels and other "zero revenue" virus casualties, European high yield has stayed sedate, cautious, and stuck to the safest sectors. Can the European bond market rise to rescue financing?
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Rubis Terminal looks set to make the first European high yield debut since the coronavirus crisis hit, announcing a new €410m issue to fund a minority investment by I Squared Capital. Business has boomed at the company, which operates bulk liquid storage, thanks to the collapsing oil price.
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With leveraged companies largely shut out of central bank bond buying and price support schemes, sponsors are mulling government-backed lending schemes in several European countries, as they seek to show other creditors that they have abundant access to liquidity. But the schemes often come with strings attached, which could do nearly as much damage to a sponsor's investment thesis as a restructuring.
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Direct lending funds are likely to be the best choice for sponsors looking to fund buyouts this summer, with investment banks still sitting on substantial bridge books, and simplicity and certainty of execution being the top priorities.
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Coffee machine company Selecta’s high yield bonds dropped 24 points on Wednesday after it released awful numbers for the fourth quarter of last year — sending leverage shooting up well before any coronavirus impact. It was the first company in Europe to announce it had raised new super-senior debt from its sponsor, KKR Credit, which injected a €50m liquidity facility into the capital structure in March.
