The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Global borrowers - Best high-yield borrower

Vivendi Universal

Vivendi Universal's claim to be high-yield borrower of the year is based on the fact that it was the first fallen angel in Europe to stabilize its downward credit trajectory and manage to issue as a high-yield name.

For that deal to turn out to be the biggest European high-yield deal to date this year yet still achieve tight pricing is also impressive. The fact that it was the first meaningful corporate issue, which kick-started the European market previously dominated by telecoms deals and LBO financings, was a feat worthy of even more respect. Combine all the challenges together and add the chaser that it was a French issuer trying to sell this deal to US investors four days into the Iraq war and you have something quite remarkable.

"The timing was quite courageous," says Timothy Flynn, head of high-yield capital markets at Goldman Sachs in London, lead bookrunner on the deal alongside Banc of America Securities, JPMorgan, Royal Bank of Scotland and Citigroup. "On the one hand it coincided with firm conditions in the high-yield market. But on the other hand, it was also in the middle of the Iraq war and we were concerned about the impact of anti-French sentiment in the US, especially when we began to hear about French wine being poured down US drains.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree