LevFin Wrap - Roaming the Spectrum

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Market Wrap

LevFin Wrap - Roaming the Spectrum

Huw Simpson's avatar
Laura Thompson's avatar
  1. Huw Simpson
  2. +Laura Thompson

Telecoms companies have historically supplied a significant proportion of the European High Yield market. Aside from regular refinancing transactions, new debt fueled LBOs, take-privates and acquisitions made Communication Services a bumper sector for new issuance in 2021, a trend that’s continuing into 2022. 

High Yield Primary

High Yield markets closed out 2021 with the bond leg of T-Mobile Netherlands’ LBO, and have now reopened with Dutch rival VodafoneZiggo’s (VFZ) refi transaction. Launching €2.1bn (equiv.) in sustainability-linked Senior Secured Notes due 2032 (B1/B+/BB), the deal marks the first SLB in the European HY telecoms sector. 

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