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Refinancing Rush May Spur High-Yield Bond Sales in Early 2020

  • Altice, Ziggo among issuers with first call in first quarter
  • Most bonds trade above call price, provide incentive to refi

The spate of refinancings that have dominated Europe’s high-yield market this year looks set to continue into 2020.

Speculative-grade companies in Europe with 11.75 billion euros-equivalent ($13 billion) of bonds outstanding may call the notes for the first time from January through March next year. Bonds sold by Altice France SA, Ziggo BV, Selecta Group BV and Ardagh Packaging Finance Plc are among the 25 speculative-grade issues in the sample compiled by Bloomberg.