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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 credit funds posted multi-billion inflows this year, as a wave of new investors searched for yield. EQT’s oversubscribed new Credit Opportunities III fund showed on Monday that the market is still pulling in cash to put to work in 2018. -
The sterling high yield market is set to start 2018 in shape, with investors and bankers expecting strong supply and demand. Pure Gym, the UK low cost gym operator, could be one of its first issuers.
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All-time low funding costs have sparked record gross issuance of leveraged finance debt in Europe this year, including a stream of multi-billion sized deals. More are coming, market participants say, and leveraged loan demand will be key for them.
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This week, bankers and investors in the European high yield market sounded a message of confidence to potential issuers of bonds with triple-C ratings, even after BMC cancelled one such deal.
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Inter Media and Communication, the operator of FC Milan’s broadcast and sponsorship business, was out with its first high yield bond offering this week. Debutants have increased their presence in the market since June.
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The euro high yield pipeline unveiled a battery of deals this week, six of them with ratings below double-B. The largest came from French frozen food retailer Picard Surgelés, which will refinance over €1bn of existing debt and pay a dividend to its private equity sponsors.
