Bond sale indicates European high-yield revival

01/15/2013 | Bloomberg

Luxembourg's Ardagh Group is raising $1.45 billion from the sale of high-yield notes to fund its acquisition of the U.S. glass-bottle unit of Cie. de Saint-Gobain. It is the biggest high-yield bond by a European issuer in two years. Bank of America Merrill Lynch's Euro High-Yield Constrained Index shows that yields on European high-yield bonds have fallen from 12% a year ago, to 5.27%.

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