High yield stalwarts see benefit of issuer-friendly market

By Owen Sanderson
07 Nov 2019

Well-known issuers in high yield this week were best placed to benefit from strong market conditions, driven by central bank easing, the return of tourist money to the market, and receding worries of geopolitical crisis.

Irish packaging company Ardagh is a good example — with 13 bonds issued from January 2017 to the present, it’s a well-known name with a strong following. With market conditions so strong, it took the opportunity to refinance its PIK and PIK toggle issues, cutting interest costs, stopping ...

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