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“The (high yield) market is still pretty nervous,” said George Curtis, portfolio manager at TwentyFour Asset Management. The Miller deal and its discounted pricing highlights the challenges banks will face in selling them to investors.ĭuring the 10-week shutdown, the yield on euro junk bonds rose more than 120 bps to 5%, according to BofA’s index, and 20 bps of that rise came after Miller’s deal was announced on Monday. Investment banks were left sitting on around 25 billion euros worth of underwritten deals when the European high-yield and leveraged loan markets shut down in February, according to Refinitiv’s LPC. The deal backs Apollo’s acquisition of the company from Bridgepoint Group, which was announced in December. Paying a coupon of 525 basis points over Euribor, it priced at 97 cents, the memo said, down from an initial 98. Paying a 7% coupon, the bond priced at a deep discount, at 93.45 cents, the memo said.Ī six-year floating rate raised 465 million euros.
Miller raised 425 million pounds from a seven-year bond for an 8.25% yield, according to a lead manager memo seen by Reuters, compared to an initial range of mid-to-high 7% offered on Tuesday. With a hawkish pivot from the European Central Bank and the invasion of Ukraine sending borrowing costs sharply higher, companies stayed away from the junk new-issue market for more than 10 weeks, the longest market closure since 2009, when the global financial crisis was raging, according to analytics firm Leveraged Commentary and Data. British homebuilder Miller Homes raised 815 million pounds in a bond sale on Friday, a lead manager said, but banks had to offer investors a higher yield than originally planned to reopen Europe’s junk debt market after its longest hiatus in 13 years.