High-yield bond issuance to finance acquisitions has picked up in recent weeks in Europe, ending a nearly five-month lull
Debt financing for acquisitions and leveraged buyouts by high-yield companies jumped to over €6.4 billion in the past four weeks, ending a nearly five-month lull in the market, according to data from Dealogic. Companies that sold these bonds included the U.K.’s Stonegate Pub Co. and an elevator business sold by Germany’s Thyssenkrupp AG TKAMY 0.62% in a leveraged buyout.
After the coronavirus pandemic prompted governments to restrict business and social activity, clouding the economic outlook, European companies raised billions of euros through bank loans and the bond market to build up a cash cushion. But starting in July, bond sales geared toward funding companies’ normal operations and building such buffers slowed. Some firms began instead to raise debt for riskier ventures such as takeovers, Dealogic data showed.
That bond sale proved to be a litmus test for the market, according to Fraser Lundie, head of credit at investment firm Federated Hermes. The market for U.S. high-yield debt continues to be much larger, and reopened faster than the one in Europe. Companies have raised $152 billion from speculative-grade bonds issued since the end of March, with about $14.5 billion of bonds sold to fund deal making, according to Dealogic.
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