Kabel BW leads the way for high yield LBO funding

Kabel BW’s high yield bond was a landmark in more ways than one. Not only was it the company’s debut in the bond markets and the largest European high yield bond so far this year, but it was also a rare example of a high yield bond financed LBO — and with a challenging leverage multiple to boot. For the borrower, flexibility was the main attraction, as Stefanie Linhardt reports.