UK retail troubles throw high yield investors into a spin
Europe’s junk bond investors were given a sharp reminder of the risks inherent in the market this week as deals from UK retailers widened amid concerns about their business outlooks. Electricals retailer Dixons issued a profit warning, while Matalan, a low cost clothing chain, was downgraded.
Despite this, bankers said that new issues are still on the way. Goldman Sachs sent out save-the-date invitations to investors for a meeting on Friday with a sterling issuer, without disclosing the companys name. Investors said, however, it was a high yield borrower from the retail sector.
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