High Yield Bonds

  • Volvo Car gets state backing in loan market

    Volvo Car gets state backing in loan market

    Sweden’s Volvo Car, a car maker, has become the latest company under pressure from the coronavirus pandemic to sign a state-guaranteed loan, as bankers say that state support is essential to secure commercial bank loans for the worst affected sectors.

    22 May 2020
  • People moves in brief

    People moves in brief

    Citi picks Nick Darrant as syndicate head — And it sets up new sustainability and science units — JP Morgan reveals next layer of DCM, ECM and M&A bosses

    21 May 2020
  • New UK insolvency law puts secured creditors in the firing line, Travelodge to be first test

    New UK insolvency law puts secured creditors in the firing line, Travelodge to be first test

    The new UK insolvency law, introduced into the British parliament on Wednesday, will allow unconsenting creditor classes, including secured creditors, to be crammed down during a restructuring. This could mean bondholders and banks, rather than landlords, take more of the pain in the coming wave of corporate distress. Hotel chain Travelodge is likely to be one of the first major companies to use the new rules.

    21 May 2020

  • Euro high yield breaks new frontier with B- divi deal

    The slowly reopening European high yield market faced another test on Tuesday, following Sappi’s decision to pull its planned issue at the end of last week. Data centre and cable network firm Cogent raised a B3/B- rated add-on in order to pay a dividend. The company is too leveraged already to allow a dividend under its existing bond docs but used a “temporary deleveraging” and escrow structure to work around them.

    21 May 2020
  • Genting seeks to delay loan payments as Covid-19 bites

    Genting seeks to delay loan payments as Covid-19 bites

    Cruise ship operator Genting Hong Kong has become the latest Asian company to seek a covenant waiver on a loan as the Covid-19 pandemic hits its operations. A rise in payment deferral requests is putting further pressure on retail banks that are already being forced to take a step back from lending. Pan Yue reports.

    21 May 2020
  • Bridge book sales begin with Financière CEP buyout loan launch

    Bridge book sales begin with Financière CEP buyout loan launch

    JP Morgan and Nomura have started the syndication of the loan backing Bridgepoint’s buyout of French mortgage insurance broker Financière CEP, in a sign that market conditions have improved enough to fire the starting gun on the sale of loans underwritten before the coronavirus crisis shut markets.

    20 May 2020
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