We selected the trades that we think will be remembered for their success in challenging conditions, for making the best use of the demand available to them, or for having made a longer lasting impact, such as the re-opening of a market. The winners are presented here.Volume may have fallen in Europe's high yield market in 2015, but there were still plenty of exciting transactions.
Volatility interrupted issuance particularly in the second half of the year, and higher rated issuers in particular fought shy of the market. But the deals that won GlobalCapital's awards all showed daring in using the market for specific purposes, notably acquisition financing.
High Yield Deal of the Year by a Sponsor-Owned Company
Istituto Centrale delle Banche Popolari Italiane (ICBPI)
€900m 8.25% May 2021
€200m Euribor + 800bp
Goldman Sachs (billing and delivering), HSBC, JP Morgan (global coordinators), Bank of America Merrill Lynch, Citi, UniCredit, Nomura (bookrunners)
During the long wait for this deal to come to market, investors were certain of one thing at least: the debt backing Advent International, Bain Capital and Clessidra’s buyout of ICBPI, the Italian payment services business, would be bonds, not loans, because of Italy’s withholding tax laws. Little else was sure, though. The deal was announced in May, but it took until November for the debt to emerge. The deal was a bond, but not as imagined. Due to regulatory decree, ICBPI had to issue €1.1bn of PIK toggle notes. To execute that in an uncertain market, as it did, showed skill.
Volume may have fallen in Europe's high yield market this year, but there were still plenty of exciting transactions. Find out which won GlobalCapital's awards.
2. Senvion
€400m 6.625% November 2020
Deutsche Bank (billing and delivering), JP Morgan
3. Orange Switzerland
€1bn 3.875% May 2022
Sfr450m 3.625% May 2022
€265m 3 month Euribor + 375bp May 2022
€250m 4.875% May 2023
Credit Suisse (billing and delivering), BNP Paribas, JP Morgan, Société Générale, Goldman Sachs, Natixis
High Yield Deal of the Year by a Corporate Issuer
Altice Financing
$2.06bn 6.625% February 2023
€500m 5.25% February 2023
Altice Finco
$385m 7.625% February 2025
Goldman Sachs (left lead), JP Morgan, Credit Suisse, Deutsche Bank, Morgan Stanley, BNP Paribas, Crédit Agricole, Banca Imi, HSBC, Nomura, RBC Capital Markets, Société Générale, UniCredit
Altice SA
€750m 6.25% February 2025
$1.48bn 7.625% February 2025
Goldman Sachs, JP Morgan (global coordinators)
Of course it was. Never mind a shakier end to the year, this deal to finance its acquisition of Portugal Telecom showed Altice in the kind of form that levfin bankers know and love. With a book around 15 times oversubscribed, it was, in the words of one banker: “a blowout, crazy town”. The year was never as good again for high yield but at that point in January it felt like the asset class’s star was only going to rise.
2. Jaguar
£400m 3.875% March 2023
Deutsche Bank (billing and delivering), BNP Paribas, Goldman Sachs, Royal Bank of Scotland, Crédit Agricole, ING, Lloyds, Société Générale
3. OTE
€350m 4.375% December 2019
Citi, Deutsche Bank, HSBC