垃圾级借款人正排队进行约37亿欧元（合43亿美元）的再融资交易，他们愿意接受大幅提高的利率，押注如果等待下去成本会进一步上升。

根据汇编的数据，欧洲高收益市场势将迎来6月以来最繁忙的一周，周一至少宣布了七笔交易。包括汽车零部件制造商采埃孚和博彩软件公司Playtech Plc在内的借款人正在为几年后到期的债务再融资，德国制药公司Gruenenthal GmbH甚至在考虑2030年到期的债务。

知情人士称，需要为2028年债务进行再融资的借款方正在抢在利率进一步上升和信贷利差扩大之前进入市场。知情人士表示，他们也试图在9月底新债发行启动前采取行动，因为届时投资者将无暇顾及再融资交易。

随着欧洲央行上周将利率上调至2.5%，交易员押注欧洲央行将在2027年10月前再加息三次。沙特阿拉伯主要原油管道关闭后，周一油价突破每桶108美元，加剧了市场对通胀卷土重来的担忧，欧洲央行官员表示，如有必要，他们将毫不犹豫地进一步加息。

For Germany’s ZF Friedrichshafen, today’s refinancing comes with a big step-up in costs. It’s selling a new four and a half year bond at a yield of around 6.25%, according to a person familiar with the matter. The proceeds will be used to refinance a selection of outstanding notes which have coupons as low as 2% and maturities from mid-2027 to 2028, they said. Other companies deciding that it is prudent to lock in rates now include Avolta AG, an operator of duty-free shops in airports, which is holding investor calls for a €350 million senior bond sale. It’s looking to partially refinance existing 2027 notes that carry a coupon of 2%. The company is yet to announce a spread level for the new offering, but the high yield index is trading at a yield of 6.3%.在其他再融资交易中，Playtech正寻求3.5亿欧元以赎回现有的2028年票据，而Gruenenthal则计划发售8.5亿欧元票据，分为固定利率和浮动利率两档，用于偿还2028年和2030年票据。