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Forumer storico
E cinque, arriva anche Pernod Richard con il suo bond da 800 mln euro, (book con richieste per 5 mld euro). Credo che alla fine l'importo emesso sia stato incrementato a 1 mld euro.
Ha giocato a favore dell'emittente la natura difensiva del comparto in cui opera.
LONDON (Dow Jones)--French spirits company Pernod-Ricard S.A. (RI.FR) priced a new EUR800 million bond Thursday in the biggest sub-investment-grade or "junk" offering since the market closure in August 2007.
But although the deal attracted EUR5 billion of demand from investors, it is not necessarily a solid test of the junk bond market as Pernod is rated BB+, which only just falls below the investment-grade ratings threshold.
Pernod's debt ratings were cut to junk-level by credit-ratings agencies last year after the company's acquisition of Vin & Sprit was judged to have added too much debt to its balance sheet.
"Pernod was the right name to do a deal and take advantage of the current market conditions," said Phillipe Bradshaw, director in syndicate at lead manager Royal Bank of Scotland.
"The company used to be investment-grade and has managed to stabilize its credit ratings this year," he said.
In fact, Pernod's bonds were priced considerably more favorably than those of some investment-grade borrowers which have done deals with similar maturity, he said.
A recent EUR1.5 billon four-year deal sold by steel giant ArcelorMittal (MT) was priced to yield 8.75%, compared with a yield of 7.05% on Pernod's five-year deal.
Thursday's deal is the latest in a string to come to market in recent weeks as conditions in the high-yield market begin to ease.
U.K. entertainment and communication business Virgin Media Inc. (VMED), which is rated B+ by Standard & Poor's Corp., was also in the market Thursday offering $650 million-worth of bonds, including a euro portion of the deal.
"The market is far more open than two weeks ago," said Bradshaw. "It doesn't mean that every company with a junk rating can come and do a deal, but it certainly gives other companies which have been sitting on the fence more confidence to jump in and issue."
While investors still remain selective about their investments, there are signs that demand for high-yield credit has been picking up.
In a recent investor survey by JPMorgan of 19 investors managing a combined EUR14.4 billion of high-yield money, only one reported net outflows in the first three months of 2009 compared with 12 who saw new cash flowing into their funds
Ha giocato a favore dell'emittente la natura difensiva del comparto in cui opera.
- MAY 28, 2009, 12:34 P.M. ET
LONDON (Dow Jones)--French spirits company Pernod-Ricard S.A. (RI.FR) priced a new EUR800 million bond Thursday in the biggest sub-investment-grade or "junk" offering since the market closure in August 2007.
But although the deal attracted EUR5 billion of demand from investors, it is not necessarily a solid test of the junk bond market as Pernod is rated BB+, which only just falls below the investment-grade ratings threshold.
Pernod's debt ratings were cut to junk-level by credit-ratings agencies last year after the company's acquisition of Vin & Sprit was judged to have added too much debt to its balance sheet.
"Pernod was the right name to do a deal and take advantage of the current market conditions," said Phillipe Bradshaw, director in syndicate at lead manager Royal Bank of Scotland.
"The company used to be investment-grade and has managed to stabilize its credit ratings this year," he said.
In fact, Pernod's bonds were priced considerably more favorably than those of some investment-grade borrowers which have done deals with similar maturity, he said.
A recent EUR1.5 billon four-year deal sold by steel giant ArcelorMittal (MT) was priced to yield 8.75%, compared with a yield of 7.05% on Pernod's five-year deal.
Thursday's deal is the latest in a string to come to market in recent weeks as conditions in the high-yield market begin to ease.
U.K. entertainment and communication business Virgin Media Inc. (VMED), which is rated B+ by Standard & Poor's Corp., was also in the market Thursday offering $650 million-worth of bonds, including a euro portion of the deal.
"The market is far more open than two weeks ago," said Bradshaw. "It doesn't mean that every company with a junk rating can come and do a deal, but it certainly gives other companies which have been sitting on the fence more confidence to jump in and issue."
While investors still remain selective about their investments, there are signs that demand for high-yield credit has been picking up.
In a recent investor survey by JPMorgan of 19 investors managing a combined EUR14.4 billion of high-yield money, only one reported net outflows in the first three months of 2009 compared with 12 who saw new cash flowing into their funds
cmq, come gli emittenti HY più solidi ce l'hanno fatta anche nella fase più dura della burrasca (fra gli altri anche i due che avevo tenuto in carico dai tempi in cui si discettava di cosa sul FOL di cosa tenere, Nordic Telephone e Bombardier, pare proprio possano farcela), così anche oggi, scegliendo con cautela, si possono prendere bond di emittenti che vanno monitorati con cautela ma dovrebbero potercela fare...
