Europe's Junk Market Reopens as Faurecia, Sappi Ready Sales
- Companies test market after ECB expanded easing last week
- Junk-bond issuance has tumbled 80% this year in Europe
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Faurecia SA and Sappi Ltd. are planning to issue junk bonds in Europe, after credit risk dropped to the lowest in about three months.
Auto-parts maker Faurecia intends to sell 500 million euros ($555 million) of seven-year senior notes, it said in a statement. That will be the biggest refinancing in the euro junk-bond market this year, according to data compiled by Bloomberg. Papermaker Sappi plans to sell 350 million euros of seven-year bonds through a European unit.