High yield issuers not bothered by chill in the air

Cold chill windy weather from Alamy 230x150
By Alex Radford, Jon Hay
08 May 2019

Softness in risk asset markets has not choked off the flow of new high yield issues in Europe, though there are no investment grade new issues on Wednesday, a French holiday. Virgin Media is holding investor calls today for a new $825m and £300m senior secured issue, rated Ba3/BB-/BB+.

That is despite a 12bp widening yesterday of the iTraxx Crossover index, to 265bp, according to Lucror Analytics, and steep falls in US equities after President Donald Trump escalated his trade war rhetoric against China.

“Yesterday was a little weaker in terms of the overall sentiment,” said an ...

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