Reorg on the Record; Spotlight on EMEA (04/28/21)

Written by Richard Woolley, Editor, EMEA Core Credit || The high volume of new issuances in the first quarter has continued during the first weeks of the second. Our primary pipeline puts the total value of loans and bonds currently in the market at €11.4 billion and our watchlist features no fewer than 39 companies with near-term maturities, 15 possible LBOs and four acquisition financing candidates. Sources expect the market to stay hot until at least mid-May. Among the biggest deals in April was a €2.1 billion senior note offering by Nexi Capital, with proceeds to refinance existing debt. Elsewhere, Pfleiderer issued €750 million in sustainability-linked senior notes, Oriflame priced €250 million of floating rate senior secured notes and $550 million of senior secured notes, and Dufry printed €725 million and 300 million Swiss francs in senior notes. All of these deals were the subject of illuminating analyses by the EMEA Covenants team. The healthy pipeline means investors now have plenty of options and some deals are a less obvious fit. This was one factor in Picard’s decision to pull a €1.71 billion bond offering last week, alongside the relatively long runway the group has to refinance its senior notes due 2024. For now, sources expect it to remain a sellers’ market in Europe, and our reporters and analysts will be kept busy covering new deals.  || Sign up for our weekly updates here.

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