The Raw Deal
Buyers Verdict
Rémy Cointreau has returned to the high-yield market with a €200 million seven-year non-call four that seeks to redefine the term ‘high yield’. The French drinks-maker made history in 2002 when it issued the first high-yield bond to break the 7% coupon mark, with a seven-year issue yielding 6.5%. This time round, Rémy Cointreau’s seven-year bond, rated as Ba2/BB–, carries an eye-watering 5.2% coupon.
“We have achieved the lowest coupon ever in the European high-yield market,” BNP
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