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Sunday, 18 August 2019

Yoruk Bahceli' s stories

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  • French flag

    Lecta hit by rating downgrades after mill woes

    Ticker | 15 August 2019

    Lecta was hit by a double downgrade late on Wednesday, adding to its woes as it struggles to secure funding for a mill conversion that is meant to help profitability.

  • Spools of carbon fiber filaments

    SGL bonds collapse after profit warning shock

    Ticker | 15 August 2019

    SGL Carbon’s bond fell some 14 points at Thursday’s open after the company cut its earnings guidance and had to withdraw its guidance for the coming years.

  • EG Group

    Moody's affirms EG Group despite acquisition financing

    Ticker | 13 August 2019

    Moody’s affirmed EG Group’s ratings late Monday despite the company’s borrowing plans to fund a US$2.185bn acquisition.

  • Thomas Cook

    Thomas Cook seeks bondholder equity injection

    Ticker | 12 August 2019

    Thomas Cook bonds came under pressure on Monday after the company announced it is in discussions for an additional equity injection from bondholders as part of its recapitalisation plan.

  • Swissport airport workers

    Swissport rejigs refi in favour of loans

    Ticker | 09 August 2019

    Swissport downsized the bond portion of its refinancing in favour of a more attractively priced term loan, a transaction that emerged against renewed volatility in European credit markets.

  • Sirius Minerals test drilling station

    It's getting Sirius, as bond is postponed

    Top News | 09 August 2019

    Market volatility stymied an attempt by Sirius Minerals to raise a time-sensitive US$500m high-yield bond - seen as crucial to the development of a polyhalite mine in North Yorkshire.

  • Sirius Minerals test drilling station

    It's getting Sirius: high-yield bond postponed

    Ticker | 06 August 2019

    Market volatility stymied an attempt by Sirius Minerals to raise a time-sensitive US$500m high-yield bond - seen as crucial to the development of a polyhalite mine in North Yorkshire.

  • AS Roma kicks off in high-yield

    Bonds | 02 August 2019

    AS Roma has priced its debut high-yield offering, paying a premium for its absence from the Champions League this coming season.

  • AS Roma

    AS Roma kicks off in high-yield

    Ticker | 01 August 2019

    AS Roma has priced its debut high-yield offering, paying a premium for its absence from the Champions League this coming season.

  • Logo of Hi3G Access, the Swedish telecoms subsidiary of Hutchison Whampoa

    Wind Tre debt rallies on Hutchison refinancing news

    Ticker | 01 August 2019

    Wind Tre bonds rallied to near their call prices on Thursday after CK Hutchison said it will refinance the company’s €10bn debt pile.

  • Aston Martin

    Aston Martin bonds plunge again

    Ticker | 31 July 2019

    Aston Martin’s bonds plunged again on Wednesday after the company released poor half-year results.

  • Logo of Irish packaging firm Ardagh

    Ardagh tightens despite negative outlook

    Ticker | 30 July 2019

    Ardagh upsized the euro tranche of its cross-border refinancing trade and priced one of the tightest euro notes at the tenor in recent times despite a negative outlook revision from Moody’s during marketing.

  • Aston Martin badge

    Auto names come under further pressure

    Ticker | 30 July 2019

    Auto issuers came under greater pressure across corporate bond markets on Tuesday, with Aston Martin tanking further on a rating downgrade and Schaeffler absorbing a profit warning.

  • Logo of Ardagh Group

    High-yield surge shows no sign of abating

    Ticker | 29 July 2019

    The high-yield market is roaring on into August, with another four trades dropping into the pipeline. Ardagh and IQVIA bolstered the pipeline with deal announcements on Monday, scheduling investor calls for the afternoon.

  • London Stock Exchange sign

    Refinitiv bonds rally on LSE news

    Ticker | 29 July 2019

    Refinitiv bonds are rallying strongly on news of a potential acquisition by the London Stock Exchange, which would make the combined entity one of the leading financial markets information providers.

  • Oriflame sign is seen on the flag at company's concept store in Stockholm

    Oriflame accelerates take-private bonds

    Ticker | 26 July 2019

    Oriflame has accelerated execution on the bonds backing its takeover by the Jochnick family.

  • Floaters eat away at already weak call protection

    Bonds | 26 July 2019

    High-yield issuers are chipping away at call protections on floating-rate notes, a structure that already offers little upside to investors.

  • Euro bills

    High-yield investors lap up deals

    Ticker | 25 July 2019

    High-yield deals are flying off the shelves on Thursday, with both Vivion and Intrum pricing inside initial marketing levels with substantial upsizes.

  • Oriflame sign is seen on the flag at company's concept store in Stockholm

    Oriflame sets whispers wide

    Ticker | 24 July 2019

    Oriflame is set to offer wide levels on its buyout bonds, potentially attracting investors otherwise concerned about its operating performance and business model.

  • Roulette table

    FRNs eat away at already weak call protection

    Ticker | 23 July 2019

    High-yield issuers are chipping away at call protections on floating-rate notes, a structure that already offers little upside to investors.

  • Oriflame sign is seen on the flag at company's concept store in Stockholm

    European high-yield confirms it's back to life

    Ticker | 22 July 2019

    Expect another high-tempo week in the European high-yield market, where issuers are maintaining the big comeback of supply last week before the summer lull kicks in.

  • British and EU flags

    Victoria tightens pricing on refi

    Ticker | 19 July 2019

    UK carpet maker Victoria managed to bring its revived refinancing deal at a more attractive level than that indicated on the deal it abandoned last year.

  • Banks turn to risk in high-yield drought

    Bonds | 19 July 2019

    Underwriters in the European high-yield market are bringing riskier structures, taking advantage of investors’ fear that renewed asset purchases by the ECB could leave them even more desperate for paper.

  • Netflix logo

    Netflix bonds off lows on earnings pressure

    Ticker | 18 July 2019

    Netflix’s bonds were a touch off their lows on Thursday after subscriber growth fell short of expectations, sending both stock and bond prices lower.

  • Netflix

    Netflix bonds off highs on earnings pressure

    Ticker | 18 July 2019

    Netflix’s bonds have come under pressure on quarterly results that showed a significant loss of subscribers, while the company said it will continue to fund its growth of content via the high-yield market.

  • Women walk past a store of Spanish discount grocer DIA in Las Rozas

    DIA secures refinancing for bond due next week

    Ticker | 18 July 2019

    DIA has fulfilled the conditions required to access new funds it agreed with its bank lenders, meaning the Spanish retailer will be able to fully repay its €306m 1.5% senior unsecured bond due on Monday.

  • Loxam logo

    Loxam to pay up for acquisition financing

    Ticker | 17 July 2019

    Loxam is offering investors generous pricing on the €1.4bn bond offering backing its acquisition of a peer, as leverage creeps up.

  • A man prepares carpets for Muslim worshippers outside a mosque in Banda Aceh.

    Victoria returns for refinancing

    Ticker | 16 July 2019

    Victoria is back to the high-yield market, reviving a refinancing deal that was pulled last year.

  • An employee is seen walking over a mosaic of pound sterling symbols set in the floor of the front hall of the Bank of England in London

    Domestic & General rejigs to get over the line

    Ticker | 16 July 2019

    Domestic & General has had to rejig the structure on its latest bond offering, dropping a sterling floating-rate note and widening pricing on a subordinated tranche to get the high-yield financing over the line, delaying execution to Wednesday.

  • Loxam logo

    From famine to M&A flood in European high-yield

    Ticker | 15 July 2019

    The European high-yield market is seeing a flood of issuance this week, with €3.2bn-equivalent bonds on offer to back acquisitions.

  • Belgian flags

    House of HR yanks in pricing on debut

    Ticker | 12 July 2019

    Belgian staffing firm House of HR revived euro high-yield issuance this week with its debut offering on Friday.

  • Thomas Cook

    Thomas Cook planning recapitalisation deal

    Ticker | 12 July 2019

    Thomas Cook said Friday it is in advanced discussions with lenders and shareholder Fosun for a recapitalisation deal that includes a debt-for-equity swap.

  • SG combines leveraged loans and high-yield

    People & Markets | 12 July 2019

    Societe Generale has merged its leveraged loan syndicate and high-yield capital markets operations to focus its activities as the sectors converge.

  • UniCredit headquarters

    MOVES-UniCredit appoints Fontana as head of high-yield syndicate

    Ticker | 09 July 2019

    UniCredit has appointed Carlo Fontana as head of non-investment-grade and high-yield syndicate, according to an internal memo seen by IFR.

  • SocGen capitalises on Singapore savings

    MOVES-Societe Generale combines leveraged loans and high-yield

    Ticker | 09 July 2019

    Societe Generale combined its leveraged loan syndicate and high-yield capital markets operations last week, according to a source familiar with the matter.

  • belgium century bond

    High-yield comes back to life

    Ticker | 08 July 2019

    The European high-yield market is showing signs of life with two mandates after a blank first week of July. Belgian staffing firm House of HR started meetings for a €320m senior secured 7NC3 offering.

  • Artemis launches short-dated HY fund

    People & Markets | 21 June 2019

    Asset manager Artemis has launched a short-dated high-yield bond fund for the managers it recently poached from Kames Capital.

  • Leveraged finance disclosures set to improve

    People & Markets | 21 June 2019

    Leveraged finance investor lobby group ELFA launched a covenant questionnaire template last week for investors to obtain better disclosure from high-yield issuers during deal roadshows.

  • Gold Coast 2018 Commonwealth Games mascot Borobi holds up a barbell

    Barbell strategy proves a fashion hit

    Top News | 14 June 2019

    A barbell strategy of favouring short and long-duration bonds has attracted a string of advocates in the euro corporate market as investors seek a way to maximise returns in a low-yield environment while limiting risk.

  • Auto issuers raise defensive debt

    Bonds | 14 June 2019

    Three auto issuers opted for defensive structures last week, with Volkswagen Leasing, Ford and PSA Banque all raising debt.

  • stethoscope, healthcare, medical, doctor, health insurance

    Doc Generici comes tight in buyout revival

    Ticker | 13 June 2019

    Italian pharmaceutical Doc Generici priced the floating-rate note funding its takeover by ICG, providing a welcome return of buyout paper to the European high-yield market.

  • Magnifying glass

    Rare corporates gain attention despite heavy supply

    Ticker | 13 June 2019

    Less-frequent issuers bringing smaller deals reaped their reward in the corporate bond market on Thursday, attracting plenty of attention no signs of investor indigestion.

  • British Pound Sterling banknotes

    Entertainment One revives HY sterling issuance

    Ticker | 12 June 2019

    The unloved sterling high-yield market received a much-needed boost when Entertainment One unveiled a £425m 7NC3 senior secured note that will refinance its outstanding £355m 6.875% senior secured 2022s.

  • Volkswagen badges

    Volkswagen follows Ford to the short end

    Ticker | 12 June 2019

    Volkswagen Leasing came back to the market on Wednesday after nearly a year, with another trade skewed towards the short end where appetite remains strong.

  • Spie logo

    High-yield picks up with drive-by deals

    Ticker | 11 June 2019

    Drive-by trades from Spie and International Game Technology on Tuesday are setting the stage for the busiest week in the European high-yield market in a month.

  • Unilever

    Corporates bring life to the long end

    Top News | 07 June 2019

    The bid for long-dated bonds in the euro market was in evidence last week as Unilever and John Deere sold 20-year notes backed by demand from pension funds and insurers.

  • A logo of Bilfinger SE is seen at their headquarters in Mannheim

    Bilfinger, Cabot pay up

    Ticker | 06 June 2019

    Bilfinger managed to price a refinancing the second time around, but had to pay up 75bp on last year’s original attempt.

  • The logo of Publicis group

    Corporates see bid across the board

    Ticker | 05 June 2019

    European corporate issuers continued to pile into the bond market on Wednesday, as a stable open to the session allowed both safe and riskier structures to see good demand from investors.

  • A logo of Bilfinger SE is seen at their headquarters in Mannheim

    High-yield supply revived

    Ticker | 04 June 2019

    High-yield supply has come back to life with deals from Cabot Financial and Bilfinger, after volatility dampened activity in the European market in the second half of May.

  • bilfinger.jpg

    Bilfinger starts roadshow for revived refi

    Ticker | 03 June 2019

    Investors will have to weigh up Bilfinger’s improved business performance against a wider high-yield market as the company makes a second attempt to bring a refinancing trade it pulled last year when it failed to secure the price it wanted.

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