Junk Bonds Taking Off in Europe With Biggest Sale in Two Years
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Ardagh Group, the packaging company buying Cie. de Saint-Gobain SA’s U.S. glass bottle unit, is selling the most high-yield bonds from a European issuer in two years as junk debt risk falls to an 18-month low.
Ardagh is raising $1.45 billion from a sale of notes in dollars and euros to fund the acquisition, the company said today. The Markit iTraxx Crossover Index of credit-default swaps on 50 companies with mostly high-yield ratings fell for a fifth day to the lowest since July 2011.