Getlink sidelines Brexit

Getlink, the parent company of Eurotunnel, provided a unique opportunity to assess how the corporate bond market looks at Brexit risk. While the European high-yield market has seen several issuers flagging Brexit risk in recent deals, Brexit has particular practical implications for Getlink. “This is a fairly unique asset in that it is physically located…

European high-yield M&A volumes at three-year high

European high-yield issuance backing M&A activity has surged to a three-year high in 2018 thanks to record levels of global M&A. Year-to-date such borrowing stands at €10.8bn, according to data from Deutsche Bank, a 66% increase on the €6.5bn that cleared the market in the whole of 2017.

Akzo Nobel docs could further pressure bond pricing

Akzo Nobel’s speciality chemicals business may have to widen spreads on the €1.385bn bond backing part of its buyout by Carlyle and Singaporean wealth fund GIC as European investors resist terms that underwriting banks pledged to the sponsors. Pricing is already under pressure due to competition from Refinitiv’s buyout financing, the largest since the financial…

Eyes turn to Rallye lenders after Casino shares plummet

Rallye’s ability to access credit lines ahead of looming debt maturities came sharply into focus after further share price falls in Casino, in which it holds the largest stake and would act as collateral. Officials at Rallye’s lenders think it is highly unlikely the company would be cut off from its credit lines, a view echoed…