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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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Värde Partners plans to fund the acquisition of Spanish consumer credit bank WiZink with payment in kind (PIK) notes, a type of high yield issuance that borrowers have barely used in the last 18 months. -
Ceva Logistics and Promontoria, a Cerberus issuing vehicle, announced new bonds in the European high yield market this week, with investors appearing more willing to add risk.
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Some fund managers and underwriters are gearing up to keep Europe’s high yield market open during August, as borrowers show more willingness to bring new paper during a traditionally quiet month.
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EQT is merging its hearing aid firm, Sivantos, with Danish peer Widex. The largest leg of its funding, a €2.6bn credit facility, has been launched in the leveraged loan market, which is digesting multi-billion deals again.
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The euro high yield bond pipeline brought five deals to the market this week, as secondary yield spreads and payoff expectations tightened, partially reversing recent trends.
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Low cost telecoms group Lebara has delayed its plans for a redemption of its only bond from early July to August, the latest setback in its already long list of communication and disclosure failures.
