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Schmolz + Bickenbach, a German producer of speciality long steel, is meeting investors for a EUR 300m seven year non-call three high yield debut bond.
Joint bookrunners BNP Paribas, Commerzbank, Credit Suisse, Royal Bank of Scotland and UniCredit are taking management to Paris and Frankfurt on Friday and Zurich on Monday, having already met accounts in London on Wednesday and Thursday. The bonds are expected to price on Tuesday.
A high yield investor that has not yet met management said the company sounded like a "non-Apollo, non-French Ascometal", referring to the LBO...