Helene Durand is deputy global credit editor for IFR Markets and Reuters. She joined Thomson Reuters in May 2011 from EuroWeek. She spent five and a half years at EuroWeek as fixed income editor, and set up the Daily Bank Finance website there. Before EuroWeek, Helene worked at IFR from July 2000 to December 2005. Helene holds a Law degree from Universite de Bordeaux 4 as well as an MA in European Industrial Relations from Warwick University Business School.
Duration was the order of the day in the corporate market last week as deals continued to tick over, though transaction sizes were relatively modest.
Warnings that aggressive covenants would leave investors on the hook at the expense of private equity sponsors did little to derail the financing of Stada’s buyout, with a €1.075bn bond issue becoming the tightest secured and unsecured LBO ever printed in Europe.
The bond part of a financing backing the buyout of Stada has been increased by €250m at the expense of the loan market despite warnings that it includes an aggressive covenant package.