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  1. phil

    Numericable pulls off record junk-bond issuance

    12:52 PM ET · HYG

    • In what may or may not end up being a bell-ringer of a deal, French cable company Numericable finalizes its record €7.9B junk bond offering, reportedly pricing the yield even lower than the initial whisper numbers. The size blows past the previous record – Sprint’s $6.5B issuance last year.
    • This deal is spread over €2.25B of euro-denominated paper, $7.75B of dollar-denominated, and across three tranches of varying maturities.
    • RBS’s Albert Gallo: “The new deal highlights strong growth in the European high-yield bond market, which has grown fivefold over the past five years to nearly €300B?.?.?.?Despite the strong supply, we expect European high-yield spreads to continue to tighten over the year, on recovering growth, easy ECB policy, stable fundamentals and low default rates.”
    • The proceeds are to be used to fund Altice’s (Numericable’s parent) purchase of Vivendi’s telecoms business.
    • Previously: Largest junk-bond deal ever on tap
    • ETFs: HYG, JNK, HYLD, HYS, SJNK, PHB, SJB, HYHG, IHY, ANGL, HYXU, PGHY, HYLS, UJB, XOVR, THHY, YPRO, SHYG, QLTC, IJNK, HYND, HYZD
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