The Danish cleaning company ISS is not the first in the row of firms that face fierce a leveraged buy-out with the bonds that are not protected from its impact.

The two private-equity groups recently launched a $3.8-billion leveraged buy-out of ISS meaning that the company’s bondholders are too far from being protected from the harmful effect of the LBO. That created a state of panic inside the company as its bonds plunged to an all-time low.

Goldman Sachs Capital Partners and EQT, the two companies that launched a bid for ISS, did not give any hint the pressure on the bonds would be relaxed.

The bid for ISS marks the beginning of the decline of the bond market in Europe, some analysts say. «The private-equity world is becoming more ambitious – so now virtually no industry is safe,» said Ed Eyerman, an analyst at Fitch Ratings.

The tense situation cannot even be soothed by the industrials that launched a bond supply in the recent weeks. The risks of LBO are still predicted to do harm to the bondholders, analysts say.