The strength of the rally in high yield was underscored by two key transactions at the end of last year. First, Liberty Global financed its recent €3.5 billion buyout of German cable firm Unitymedia entirely in the high-yield bond market. And just before Christmas Wind Telecomunicazioni priced an audacious €750 million PIK note – the largest since 2007. But the reception with which both deals were greeted has rung alarm bells among those in the market worried about overshoot.
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
