LevFin Wrap - Roaming the Spectrum
- Huw Simpson
- +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.