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Friday, 22 February 2019

Yoruk Bahceli' s stories

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  • TurkTel reopens Turkish corporate space

    Emerging Markets | 22 February 2019

    Turk Telekom reopened corporate issuance from the country after a 10-month hiatus with a US$500m six-year note that took advantage of restored calm in Turkish financial assets.

  • Vallourec logo

    Vallourec assuages refinancing concerns, for now

    Ticker | 21 February 2019

    Short-term refinancing concerns around French industrial tube maker Vallourec were assuaged by the company’s earnings and an extension of its bank facilities.

  • A Senvion wind turbine

    Senvion update raises restructuring question

    Ticker | 21 February 2019

    Senvion’s guidance update, which sent its bond crashing, is leading analysts to believe that a debt restructuring has become more likely.

  • A Senvion wind turbine

    Senvion bonds crash on update

    Ticker | 20 February 2019

    Senvion’s bond fell 17 points on Wednesday after it revised its 2018 guidance, further cutting earnings.

  • Bank of America Merrill Lynch sign

    Growth fears spook credit investors - BAML

    Ticker | 20 February 2019

    Credit investor worries are focused on prospects for a global recession, according to Bank of America Merrill Lynch’s February credit investor survey.

  • Faurecia

    Faurecia confirms bond for remaining Clarion refi

    Ticker | 18 February 2019

    Faurecia told investors on its yearly earnings call on Monday that it plans to issue a new bond to finance the remainder of its acquisition of Japanese peer Clarion, confirming expectations.

  • ThyssenKrupp

    Thyssenkrupp pays up for pre-split refinancing

    Ticker | 18 February 2019

    Thyssenkrupp paid up to refinance debt ahead of its reorganisation as uncertainties loom about its new capital structure and the performance of its business.

  • Juventus

    Golazo! Juventus scores with debut bond

    Top News | 15 February 2019

    Juventus scored with its debut bond on Wednesday, raising €175m through a five-year offering that was also the first investment-grade-style bond from a football club.

  • Juventus

    Juventus scores with debut bond

    Ticker | 13 February 2019

    Juventus scored with its debut bond on Wednesday, raising €175m through a five-year offering that was also the first investment-grade-style football club deal.

  • Juventus

    Juventus transfers interest to bond market

    Ticker | 12 February 2019

    Football club Juventus is hoping to hit the back of the net with its debut bond, with a chunky spread expected to keep investors onside.

  • Logo of Nikko Asset Management

    MOVES-Nikko AM adds to fixed income with high-yield hire

    Ticker | 11 February 2019

    Nikko Asset Management has appointed Richard Kehoe as senior high-yield analyst for its London-based global fixed income team.

  • Romanian flag

    Digi markets another high-yield tap

    Ticker | 06 February 2019

    This week’s first announcement in European high-yield is another tap, this time for Digi Communications.

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

    DIA rallies on LetterOne takeover bid

    Ticker | 05 February 2019

    DIA’s primary shareholder LetterOne has launched a takeover bid for the troubled Spanish retailer, triggering a sharp rally in the company’s bonds and shares. The investment vehicle controlled by Russian tycoon Mikhail Fridman has committed to support a €500m capital increase following the completion of the €300m bid.

  • Smurfit Kappa

    Good high-yield backdrop, but no deals

    Ticker | 04 February 2019

    No high-yield deals were announced on Monday and at least one name pulled back, according to a senior banker, despite a conducive market backdrop after last week’s deals.

  • Arrow Global logo

    Debt collectors to live within their means - S&P

    Ticker | 04 February 2019

    European debt collectors are expected to begin managing their own debt and shore up their balance sheets in 2019 rather than focusing on acquisitions, S&P said in a report on Monday. Nearly all debt collectors covered by the agency expanded their geographical footprints in 2018, thanks to a steady stream of cheap funding.

  • Euro coins

    January European high-yield issuance slumps 64%

    Ticker | 31 January 2019

    European high-yield has had a slow start to the year with issuance volumes down 64% compared to January 2018. The €2bn-equivalent that priced made it the second slowest start to a year since 2014, according to IFR data, with only 2016 seeing lower issuance levels.

  • Smurfit Kappa

    Smurfit Kappa taps with drive-by

    Ticker | 30 January 2019

    Smurfit Kappa brought a drive-by tap on Wednesday, joining two mirror offerings in the high-yield market.

  • A barman pulls a pint of beer

    Expensive round for Stonegate

    Ticker | 30 January 2019

    UK pub operator Stonegate has set talk at 625bp-650bp over Libor with a 99.50 OID for its £150m March 2022 FRN ahead of pricing later in the session.

  • A barman pulls a pint of beer

    Stonegate markets another mirror note

    Ticker | 29 January 2019

    Stonegate has followed Autodis into the European high-yield market with a planned bond that also mirrors an outstanding FRN.

  • A woman smokes outside Telefonica headquarters in Madrid

    Telefonica introduces Green to telco sector

    Ticker | 28 January 2019

    Telefonica is due to price the first Green bond out of the telecommunications sector on Monday.

  • A worker is pictured behind a cog wheel

    Autodis reopens high-yield market

    Ticker | 28 January 2019

    Autodis announced a deal on Monday morning, finally reopening European high-yield with a traditional issuer after only crossover credit Telecom Italia in the sector so far this month.

  • UK houses

    Futures Housing Group mandates as MORhomes awaited

    Ticker | 25 January 2019

    Future Housing Group announced a mandate for a debut deal on Friday, capitalising on the success of Notting Hill Genesis a day earlier.

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

    Moody's warns DIA financing detrimental to bondholders

    Ticker | 25 January 2019

    Moody’s has downgraded DIA deeper into Triple C territory, warning that its recent refinancing deal lowers bondholders’ recovery prospects.

  • British pound sterling banknotes

    Sterling investors primed for high-yield rally

    Ticker | 23 January 2019

    Investors are primed for a further rally in the sterling high-yield market, especially if a no-deal Brexit comes off the table and particularly from names such as discount retailers that can better navigate challenging economic conditions.

  • Atalian logo

    Atalian plummets on shareholder investigation

    Ticker | 22 January 2019

    French cleaning and facilities management company Atalian’s bonds plummeted on Tuesday morning on its announcement of an investigation into its principal shareholder.

  • Fitch launches European high-yield index

    People & Markets | 18 January 2019

    Fitch launched its European high-yield index report last week, which expands its research offerings in the leveraged finance sector.

  • Fitch Ratings headquarters in New York

    Fitch launches European high-yield index

    Ticker | 18 January 2019

    Fitch launched its European high-yield index report on Thursday, which expands its research offerings in the leveraged finance sector.

  • A person walks past a Debenhams store in Stockport

    Moody's warns of Debenhams refinancing, revises outlook

    Ticker | 17 January 2019

    Moody’s warned that Debenhams’ refinancing negotiations could ultimately lead to losses for creditors, revising the outlook on the troubled retailer’s Caa1 rating to negative late on Wednesday.

  • Care UK

    Care UK to redeem notes via asset sales

    Ticker | 15 January 2019

    Care UK announced plans to redeem its outstanding bonds through asset sales on Tuesday, another blow to sterling supply which is expected to remain weak this year, thanks to Brexit uncertainty and various sectoral challenges.

  • MOVES-NN appoints Siermann to head responsible investing

    Ticker | 15 January 2019

    NN Investment Partners has appointed Edith Siermann as head of fixed income solutions and responsible investing, it said on Tuesday.

  • Moody's sign

    European companies largely immune to expected slowdown - Moody's

    Ticker | 14 January 2019

    Slower growth in the euro area is unlikely to trigger major financial policy changes among European companies, Moody’s said in a report on Monday.

  • Neu Look

    New Look bonds slump on debt-for-equity restructuring

    Ticker | 14 January 2019

    New Look’s bonds slumped after it announced a debt-to-equity swap that cuts its debt by £1bn and refinances the remainder.

  • Faurecia

    Eyes turn to Europe's high-yield pipeline

    Ticker | 11 January 2019

    The high-yield market is looking at a more traditional name to kick off further issuance after crossover credit Telecom Italia’s appearance earlier this week.

  • High-yield investor lobby kicks off

    Bonds | 11 January 2019

    The newly formed European Leveraged Finance Alliance Investor Group is finalising its structure and looking to poach back more investors that left AFME’s high-yield division in early 2018.

  • Telecom Italia tower

    Telecom Italia kicks off 2019 high-yield

    Top News | 11 January 2019

    Telecom Italia opened 2019’s European high-yield market with aplomb, attracting over €4.5bn of investor demand for a €1.25bn April 2024 deal, which capitalised on the positive news flow out of Italy.

  • MOVES-Rob Lamb to head RBC European corporate DCM

    Ticker | 10 January 2019

    Rob Lamb has been promoted to head of European corporate debt capital markets at Royal Bank of Canada following Christoph Seibel’s departure, according to a source familiar with the matter.

  • Handshake

    High-yield investor lobby kicks off

    Ticker | 10 January 2019

    The newly formed European Leveraged Finance Alliance Investor Group is finalising its structure and looking to poach back more investors that left AFME in early 2018.

  • telecom italia bonds

    Europe cheers US high-yield market's New-Year rally

    Ticker | 09 January 2019

    The European high-yield market has followed the US market into a New-Year rally, providing optimism going forward after finishing 2018 in deeply negative territory.

  • Telecom Italia tower

    Telecom Italia kicks off European high-yield

    Ticker | 08 January 2019

    Telecom Italia is opening 2019’s European high-yield market with aplomb, attracting over €4.5bn of investor demand for a €1.25bn April 2024 deal, which also capitalises on the positive news flow out of Italy.

  • Euro bills

    AFME's new high-yield investor group ready to go

    Ticker | 08 January 2019

    An independent European high-yield investor interest group, in the making for several months, is expected to become officially formed within one of the largest European financial markets trade bodies on Wednesday.

  • S&P drops DIA into Triple C territory

    Ticker | 19 December 2018

    S&P cut DIA’s rating two notches to CCC+ (negative) on Wednesday, citing heightened risk of a liquidity shortfall in the coming months.

  • Handshake

    Another M&A year for European high-yield

    Ticker | 14 December 2018

    European high-yield will look to LBO activity for sustenance in 2019 given the continued appeal of takeovers for private equity firms, but the prospect of a refinancing wave is unlikely given market conditions.

  • Euro Bond and Europe High-Yield Bond: Recordati’s €1.3bn dual-tranche bond

    All Special Reports | 14 December 2018

    In a high-yield market dominated by headline-grabbing LBOs, executing a challenging trade wasn’t enough to stand out from the crowd.

  • Europe High-Yield Bond House: Deutsche Bank

    All Special Reports | 14 December 2018

    Leveraged buyouts dominated 2018. But while many banks managed deals, just one was consistently there for the trickier names. For executing the most complex LBOs in a volatile year, Deutsche Bank is IFR’s Europe High-Yield Bond House of the Year.

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

    DIA rallies on potential capital increase

    Ticker | 12 December 2018

    DIA bonds rallied strongly after the company said it had agreed a potential capital increase, recovering losses from earlier in the week on reports its leading shareholder was pushing for a creditor haircut.

  • DIA logo is seen at its supermarket in central Madrid

    DIA plummets on restructuring noise

    Ticker | 11 December 2018

    DIA’s bonds have sunk further on the back of reports that creditors may need to take a haircut on their holdings.

  • Bubble

    Italmatch to buy BWA Water Additives, part-finance with debt

    Ticker | 11 December 2018

    Chemicals firm Italmatch said on Monday it will acquire oil and gas water management solutions company BWA Water Additives and finance part of the purchase with debt.

  • Francois Hollande greets employees during his visit at the recycling company Paprec

    Another downgrade in high-yield

    Ticker | 10 December 2018

    European high-yield has started the week with another downgrade, this time French recycling firm Paprec feeling the impact of increased idiosyncratic risk hitting highly leveraged firms.

  • Volatility

    Volatility keeps European high-yield mute

    Ticker | 07 December 2018

    Issuers decided that volatility was too great to risk entering the European high-yield market this week, especially after observing the high prices required to print the week before.

  • Thomas Cook

    This time it's ratings trouble for recent HY issuers

    Ticker | 05 December 2018

    European high-yield was hit by more downgrades and an outlook revision this week as the backlash from 2017’s unprecedented issuer-friendly conditions shows no sign of abating.

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