Issuer: ITT Promedia
Amount: Dm575 million
Launched: September 19 1997
Lead manager: Goldman Sachs
If ever evidence was needed that Europe is finally catching up with the US’s more sophisticated approach to the capital markets, the emergence of the non-dollar-denominated high-yield market should provide it. A predilection for equity finance in the UK and bank finance in the rest of Europe had until recently stifled the will to issue as or invest in anything below a single A credit.
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