Published On: September 28th, 2021Categories:

During the pandemic, with consumers shopping online to the detriment of stores, which were shuttered, The Very Group (TVG)’s business model has proved to be resilient: online shopping, a wide choice of products with access to leading brands, and the option of credit on payments. Thanks to its strong operating performance, the UK online retailer priced a GBP denominated 6.5% 26s senior secured note (1st lien – £575mn – XS2370618618 – B3 stable/B-) in July and refinanced the £550mn first lien 7.75% 2022 notes. For High Yield investors only, aware of the risk embedded in such a high beta credit, the bonds are offering decent risk/reward.

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