-
1 day ago | 
news.bloombergtax.com | Abhinav Ramnarayan |Eleanor Duncan |Rachel Graf
Companies are launching a number of debt deals designed to pay out a dividend to their private equity owners, at a time when buyout firms are under pressure to return money to clients.
-
2 weeks ago | 
news.bloomberglaw.com | Eleanor Duncan |Abhinav Ramnarayan
German drugmaker Stada Arzneimittel AG is looking to refinance some of its junk bonds, after pushing back a planned initial public offering intended to cut its debt pile. Stada launched the sale of a €965 million note on Monday, with the proceeds earmarked for refinancing the company’s 7.5% senior secured bonds due 2026. The offering is one of a number of deals to hit the European high-yield market so far this week, as credit risk gauges return to levels last seen in early April.
-
3 weeks ago | 
news.bloomberglaw.com | Abhinav Ramnarayan |Eleanor Duncan
Europe’s junk bond market has reopened with its first offering since early April, following weeks of tariff-induced volatility. Italian gaming firm Lottomatica Group SpA started marketing a €600 million ($684 million) senior secured note on Wednesday, amid a cross-asset rally triggered by US President Donald Trump softening his tone toward China and Federal Reserve Chair Jerome Powell. More borrowers could follow suit.
-
3 weeks ago | 
news.bloombergtax.com | Abhinav Ramnarayan |Eleanor Duncan
XYour Choices Regarding Cookies and IdentifiersWe and our 150 third party partners use cookies and similar technologies ("Cookies") and hashed identifiers (e.g., a hashed version of your name, email address or phone number) to help us identify you on our site and third-party sites and to process certain information, such as your IP address and digital identifiers, to analyze site usage and provide you with relevant advertisements and content.
-
1 month ago | 
news.bloomberglaw.com | Eleanor Duncan |Manuel Baigorri |Dinesh Nair
Morgan Stanley is no longer involved in providing financing for KKR & Co.’s purchase of Swedish consumer-health company Karo Healthcare, according to people familiar with the matter. Morgan Stanley is advising Karo’s owner EQT AB on the sale and had teamed up with Jefferies Financial Group Inc. to offer around €1.1 billion ($1.2 billion) staple financing to potential bidders. Staple financing is pre-arranged funding used to facilitate an acquisition.
-
1 month ago | 
news.bloomberglaw.com | Abhinav Ramnarayan |Eleanor Duncan |Giulia Morpurgo |Caleb Mutua
Gauges for credit risk are signaling just how nervous investors are getting about what Bank of America Corp. analysts described as the “the biggest shock to global trade in modern times.”US President Donald Trump’s sweeping tariffs sent indexes that track credit-default swaps surging by the most since March 2023 in both the US and Europe. The CDS contracts are used to hedge against the risk of default.
-
1 month ago | 
news.bloomberglaw.com | Abhinav Ramnarayan |Eleanor Duncan |Giulia Morpurgo
Gauges for credit risk are signaling just how nervous investors are getting about what Bank of America Corp. analysts described as the “the biggest shock to global trade in modern times.”US President Donald Trump’s sweeping tariffs sent indexes that track credit-default swaps surging by the most since March 2023 in both the US and Europe. The CDS contracts are used to hedge against the risk of default.
-
1 month ago | 
news.bloomberglaw.com | Eleanor Duncan |Gowri Gurumurthy |Abhinav Ramnarayan
French auto supplier Forvia SE hiked the yield on its debut US dollar junk bond offering following US President Donald Trump’s decision to slap tariffs on auto imports to the country. The company increased the rate to a final yield and coupon of 8%, up from its initial marketing levels of about 7.75% area, according to a person familiar with the matter. Citigroup led the deal. Spokespeople for Forvia and Citigroup didn’t immediately respond to requests for comment.
-
2 months ago | 
news.bloombergtax.com | Eleanor Duncan |Libby Cherry |Abhinav Ramnarayan
Fresh from a grueling restructuring, French IT firm Atos SE’s bonds are among the surprise winners in Europe’s junk debt market this year, part of a trend investors are dubbing “the dash for trash.”Three of its notes issued as part of its overhaul have been some of the best performers in European high-yield this year, including two which sit in the lowest bracket of junk ratings.
-
2 months ago | 
news.bloomberglaw.com | Eleanor Duncan |Libby Cherry |Abhinav Ramnarayan
At first glance, Atos SE’s bonds aren’t the most obvious buy. The company has recently emerged from a grueling restructuring — the result of a long-running debt crisis that saw its shares lose almost all of their value. But the French IT firm’s debt has been some of the best performing in Europe’s high-yield market this year. Three bonds that were issued as part of Atos’s restructuring — two of which sit in the lowest bracket of junk ratings — have rallied strongly.
