The high-yield market was given a rude awakening on Friday after French frozen food company picard pulled its €1.71bn sustainability-linked bond issue, citing market conditions. It was the first European high-yield deal to be pulled in almost a year and also a blow to the burgeoning sustainability-linked sector - the three-part issue would have been the largest in that format to be priced in the European junk market. However, investors said the pulled deal shouldn't cause any panic. They said Picard could have placed the bonds, but was unwilling to compromise on pricing. Investor interest was 25bp wider than the level the company was comfortable with.
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