Numericable breaks high-yield records

摘要

Numericable stunned the market with its US$5.2bn bond deal on Wednesday, the largest single high-yield bond tranche ever issued. The French telecoms company had originally announced the deal as a US$2.25bn trade on Tuesday before upsizing it to US$3bn on Wednesday. Investors had expected the first upsizing, as it allowed Numericable to fully refinance an outstanding 2019 issue, but several said they were caught completely off guard by the final increase to US$5.2bn.