High times in high yield

By Jon Hay
10 May 2019

A hail of high yield and leveraged loan deals hit the European market this week, making it seem like investors and bankers were unaware of the angst permeating equity markets since President Donald Trump decided to up the ante in his trade poker game with China. Not every deal was a blowout, however — United Group priced its PIK note wide of guidance and Virgin Media failed to tighten.

The S&P 500 has fallen 2.5% since the week began, including three sharp lurches downward on Monday, Tuesday and Thursday. But every day has brought high yield and levloan action in Europe.

That chimed with wider credit markets in which emerging market debt was also very well bid, ...

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