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Tuesday, 23 April 2019

Yoruk Bahceli' s stories

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  • Auchan whizzes past downgrade worries

    Bonds | 18 April 2019

    Auchan paid a hefty price for its second outing this year on Tuesday and offered investors no protection against a possible downgrade to junk territory under existing ownership.

  • A Senvion wind turbine

    Senvion creditors grant loan

    Ticker | 18 April 2019

    Senvion said late Thursday it had signed a loan agreement with creditors, providing liquidity to the cash-strapped company as it seeks to turn around its operations.

  • Europcar logo

    Europcar slashes costs with sub refi

    Ticker | 17 April 2019

    Europcar successfully honed in on the rally in its debt to nail down much cheaper funding costs, the latest issuer to do so as yields continue their downward journey.

  • Logo of French retailer Auchan

    Auchan whizzes past downgrade worries

    Ticker | 16 April 2019

    Auchan paid a hefty price for its second outing this year on Tuesday and offered investors no protection against a possible downgrade to junk territory under existing ownership.

  • ineos

    Dividend recapitalisation trades back on the agenda

    Ticker | 12 April 2019

    Dividend recapitalisation deals could once again be on the agenda as recently shunned credits make their return to the high-yield market, demonstrating how much the backdrop has turned since the start of the year.

  • Areva NewCo ends market exile with Orano debut

    Bonds | 12 April 2019

    Orano, the entity that was spun off by beleaguered French fuel group Areva, saw books multiple times covered for its bond market debut on Tuesday, opening a new chapter for the revamped company.

  • Logo of dutch retailer HEMA

    HEMA recovers but analysts remain cautious

    Ticker | 11 April 2019

    Dutch retailer HEMA’s bonds, which had plummeted on Wednesday, recovered after management gave a positive impression on its results. Be that as it may, analysts remain cautious given the weakness of the numbers released.

  • Euro bills

    Managing Partners launches fixed income fund

    Ticker | 11 April 2019

    Managing Partners Group has announced the Melius Fixed Income Fund, aiming to blend investment-grade and higher-yielding securities to achieve long-term capital growth.

  • Italy

    Italmatch taps for BWA buy

    Ticker | 10 April 2019

    Italmatch returned to the high-yield market on Wednesday with a highly anticipated bond financing its acquisition of BWA Water Additives.

  • Areva NewCo ends market exile with Orano debut

    Ticker | 09 April 2019

    Orano, the entity that was spun off by beleaguered French fuel group Areva, saw books multiple times covered for its bond market debut on Tuesday, opening a new chapter for the revamped company.

  • ineos

    Cyclicals pounce on market bounce

    Ticker | 08 April 2019

    Ineos and Italmatch are making fast work of taking advantage of a bounce in investor appetite for cyclical credits, both bringing transactions tapping into the strong gains seen in their debt since the start of the year.

  • Telecom Italia tower

    Telecom Italia loses only IG rating

    Ticker | 08 April 2019

    Fitch confirmed that Telecom Italia will not be returning to investment-grade status any time soon, after a one-notch downgrade to BB+ on Friday.

  • Bid for yield fuels high-yield

    Bonds | 05 April 2019

    The European high-yield market last week saw the return of Single B paper and the tightest prices on Double B paper in many months as the bid for yield finally fuelled the market after the weakest first quarter in years.

  • A person walks past a Debenhams store in Stockport

    Ratings agencies downgrade Debenhams again on restructuring

    Ticker | 04 April 2019

    Moody’s and S&P both downgraded Debenhams deeper into distressed territory on Thursday, citing recent restructuring arrangements.

  • A person walks past a Debenhams store in Stockport

    Moody's downgrades Debenhams again on restructuring

    Ticker | 04 April 2019

    Moody’s downgraded Debenhams deeper into Triple C territory on Thursday, citing recent restructuring arrangements.

  • People holds French and European flags

    Elis brings tightest high-yield bond since October

    Ticker | 02 April 2019

    Elis priced the tightest European high-yield deal in six months, paying a negative concession and bringing back one-handle pricing as the bid for yield fuels the market.

  • A person walks past a Debenhams store in Stockport

    Debenhams leaves door open for Sports Direct

    Ticker | 29 March 2019

    Debenhams announced on Friday morning that it has secured new funds as part of its restructuring, leaving the door open for leading shareholder Sports Direct to make a firm offer to take over the company that takes lender interests into account.

  • Altice logo

    Altice looks at holdco refinancing

    Ticker | 29 March 2019

    Altice is reviewing options to refinance its holdco bonds as their redemption premium is due to step down in May.

  • LeasePlan logo

    LeasePlan slashes interest costs with holdco refi

    Ticker | 28 March 2019

    LeasePlan slashed its interest costs when it priced the first holdco bond in European high-yield market this year.

  • A person walks past a Debenhams store in Stockport

    Debenhams bondholders agree to consent solicitation

    Ticker | 28 March 2019

    Debenhams confirmed on Thursday morning that a majority of the holders of its high-yield bond consented to the changes it is seeking to the terms as part of its restructuring.

  • S&P cuts Jaguar to Single B territory

    S&P cuts Jaguar to Single B territory

    Ticker | 27 March 2019

    S&P cut Jaguar Land Rover’s rating one notch to B+ with a negative outlook, giving the troubled company a Single B rating after nearly eight years on Wednesday afternoon.

  • Volvo

    Volvo visits euro market as it develops electric cars

    Ticker | 26 March 2019

    Volvo Car returned to the euro market on Tuesday as it seeks funding to develop its electric car brand Polestar.

  • LeasePlan logo

    LeasePlan drives holdco to high-yield

    Ticker | 25 March 2019

    LeasePlan started marketing a €1.35bn dual-tranche refinancing trade on Monday, the first holding company debt offered to the European high-yield market this year.

  • Preem gas station

    Preem closer to refinancing PIK notes

    Ticker | 25 March 2019

    Swedish fuel company Preem said on Monday that it is closer to refinancing its outstanding PIK notes, which become callable on May 15.

  • Faurecia

    Faurecia takes concession off the table after Sappi

    Ticker | 13 March 2019

    Faurecia is set to price its €500m 7NC3 note at 3.125%, paying a minimal concession after yanking in pricing 37.5bp from IPTs as investors continue to show voracious appetite for highly rated Double B paper.

  • Faurecia

    Double Bs hog high-yield limelight

    Ticker | 12 March 2019

    Investors wanting to get their hands on Single B paper will have to wait a bit longer as supply from Double B issuers shows no sign of letting up, with Sappi and Faurecia looking to take advantage of attractive market conditions.

  • Johnson Controls

    Investors plug into Power Solutions

    Top News | 08 March 2019

    A limited supply of leveraged finance deals looks likely to ensure a strong reception for a US$10bn debt package backing the buyout of Johnson Controls’ auto battery unit Power Solutions.

  • Johnson Controls sign

    Johnson's Power Solutions kicks off roadshow

    Ticker | 06 March 2019

    Sector prospects and the large scale of the business are being weighed alongside the aggressive leverage deployed on the buyout of Johnson Controls’ Power Solutions by investors at the start of the bond roadshow in Europe on Wednesday.

  • Johnson Controls

    Johnson ups bond portion of jumbo LBO financing

    Ticker | 05 March 2019

    Banks will begin marketing the US$4.7bn bonds backing the buyout of Johnson Control’s power solution business by Brookfield Business Partners on Wednesday, the latest big financing to hit the high-yield market which is off to its best start in years.

  • Mobile phones made by Nokia are pictured in this photo illustration (Reuters)

    Nokia connects bond investors to 5G uncertainty

    Ticker | 04 March 2019

    Nokia priced the tightest high-yield deal so far this year at the same level it was able to secure in the red-hot market of 2017 despite uncertainties ahead for the roll-out of 5G networks.

  • Rexel office building

    Double B rally could spur high-yield supply

    Ticker | 01 March 2019

    Traditional high-yield issuance finally made a comeback to the European market this week, bolstered by a strong rally in the Double B sector, which bankers said could bolster primary volumes after a lacklustre start to the year.

  • Double B rally could spur high-yield supply

    Bonds | 01 March 2019

    Traditional high-yield issuance finally made a comeback to the European market last week, bolstered by a strong rally in the Double B sector, which bankers said could bolster primary volumes after a lacklustre start to the year.

  • Logo of Playtech, a UK online gambling technology software provider

    Investors take wager on Playtech convertible refi

    Ticker | 01 March 2019

    Playtech landed a €350m senior secured 7NC3 refinancing trade tighter than initial talk, becoming the second high-yield issuer this week to take advantage of a strong rally in Double B paper.

  • The logo of Ford Motor Co is seen at the company's assembly plant in Genk

    Ratings threat sees Ford pay Double B spread

    Ticker | 28 February 2019

    Ford was able to upsize its dual-currency deal on Thursday but was forced to pay a Double B spread as the risk of a Moody’s downgrade to junk looms.

  • Rexel office building

    Rexel sets the tone for European high-yield

    Ticker | 26 February 2019

    Rexel captured a strong rally in the Double B space to finally bring a deal to the European high-yield market, giving a steer as to where investors are willing to buy new issues after a muted start to the year.

  • Senvion logo is seen on a wind turbine

    Senvion looks at restructuring

    Ticker | 25 February 2019

    German wind turbine maker Senvion has commissioned a restructuring opinion and will delay the release of its annual financial statements while it rolls out a transformation programme, the company said in a statement on Sunday.

  • 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.

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