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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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Investors have squeezed better terms out of Mehiläinen, the Finnish healthcare group seeking a €1bn loan to finance its acquisition by CVC. -
French car parts distributor Autodis announced an add-on of its only floating rate bond on Monday, amid higher average high yield funding costs but with investors confident that the market can cope.
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Underwriters in the European high yield market that provided bridge financing in the first few months of the year for lightly covenanted deals are suffering amid investor pushback and failed offerings, said market sources.
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The European leveraged loan market is starting to look a lot like it did in May, with a table full of multi-billion deals and bankers concerned about how much this spike in issuance could play into investors’ hands.
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Bway, the US container maker, is including €475m of euro bonds in the leveraged financing for its $1bn acquisition of rival Industrial Container Services, in a sign of the increasing attractiveness of euro high yield markets.
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Fierce competition for clients among law firms advising borrowers and investors is stoking up disputes over loosening bond covenants, said high yield market participants in Europe this week. The number of deals pulled has already surpassed 2017 figures as a result, but both sides in the battle show little sign of giving way. Victor Jimenez reports.
