Vivendi Universal’s claim to be high-yield borrower of the year is based on the fact that it was the first fallen angel in Europe to stabilize its downward credit trajectory and manage to issue as a high-yield name.
For that deal to turn out to be the biggest European high-yield deal to date this year yet still achieve tight pricing is also impressive. The fact that it was the first meaningful corporate issue, which kick-started the European market previously dominated by telecoms deals and LBO financings, was a feat worthy of even more respect.
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