Debtwire Analytics, Debtwire’s credit research tool on levered companies, just launched its FY14 European high-yield report.
Highlights include:
- In 2014, European high yield issuance reached a new record high in terms of value and volume since Debtwire records started in 2005. European groups raised a total of EUR 97bn via 269 bonds in 2014, up 16.9% and 10.2%, respectively, compared to 2013.
- Issuances started to slow down when investors became pickier after the collapse of Phones4u in September. European issuers raised EUR 17.2bn in 3Q14, slightly below 3Q13’s level, and EUR 7.25bn via 24 bonds in 4Q14, both down 65% compared to 4Q13, representing the lowest quarter in terms of value since 2Q12. The European high yield market ended the year on a muted note, December 2014 was very quiet compared to the prior year, as only three issuers came to the market, printing a total of EUR 2.28bn via five bonds, down from EUR 6.08bn via 20 bonds in December 2013.
- British issuers dominated the market in terms of volume, printing 69 bonds, or 25.7% of total bonds issued, amounting to EUR 19.3bn and representing 30 more bonds than French issuers, who raised EUR 18.4bn. In terms of industry, telco groups were the most active in 2014, printing EUR 27.8bn or 28.7% of the total issuance value, with Luxembourg and French cable groups Altice and Numericable bringing a EUR 12bn-equivalent deal in April in the largest high yield deal ever, to finance the acquisition of SFR from Vivendi.