Douglas, the extremely levered magnificence retailer, is discovering the bond market extra receptive than loans to its turnaround refinancing. It has restructured its debt package deal to change €330m of secured loans to bonds. The comeback deal seems nonetheless on monitor, although the PIK notes are being marketed at a punchy 9% yield.

Even earlier than the pandemic, Douglas regarded shaky, with a tottering debt stack and lots of traders sceptical that the Germany firm might climate the shift from bricks and mortar to on-line. With the onset of Covid, its bonds have been smacked down — its unsecured debt traded within the 30s
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