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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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European levfin investors are optimistic as the market heads into the Easter break, with buyers enjoying better pricing and terms even as issuers prepare to launch a fresh bout of speculative grade paper over the next few weeks. -
The pipeline of high yield deals from German real estate borrowers is finally building up after more than two years of work with underwriters and lawyers. A new €300m bond from Corestate should pave the way for more players to shift their funding from bank loans to bonds, said market participants.
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Funding for leveraged buyouts in the European primary high yield market gained further share of overall issuance this week, as specialty car parts maker LKQ of Chicago sold a €1bn bond for its acquisition of German peer Stahlgruber.
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Italian business software vendor TeamSystem returned to the public bond market to refinance a floating rate note it placed privately in 2016, as high yield fund managers increase their demand for floating rate debt this year.
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Swissport, the aviation services group, this week launched a €325m add-on to its euro leveraged loan to finance its acquisition of Aerocare, a peer based in Australia.
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UK-based 3i Group has added three people to its office in Amsterdam and one in New York, all in its private equity team, as it plans to boost business in its core markets.
