Goldman Sachs has consolidated its dominance of cable issuance in Europe with a €1.2bn unsecured high-yield issue for Ziggo Bond Company of the Netherlands. This was the largest-ever such bond for a cable issuer, and the largest first-time issue in Europe since 2006. It was also the first European high-yield bond to include a portability feature.
The deal shone a light onto what is going on in the world of private equity right now. In the years preceding the credit crunch, private equity groups were hyperactive, and very much in the driving seat of a debt-fuelled acquisitions market. Many of the companies that ended up in their portfolios are now looking like mature investments, ready for the next step in the process - usually a public offer. So their financial sponsors are taking a hard look at their capital structures.
