High yield pros hold their nerve as indicators worsen

Kaustik caustic soda PVC factory Russia from PA 25Feb20 575x375
By Jon Hay
25 Feb 2020

High yield and leveraged loan spreads have widened in the last few days, as news of the coronavirus outbreak has worsened. But neither that, nor new figures from Moody's showing downgrades outnumbering upgrades, is putting off investors long used to hanging on through gritty conditions. Chemical producer Inovyn managed to complete a €1.064bn loan amend-and-extend on Tuesday.

A senior leveraged loan syndicate banker away from the deal said it was not clear yet whether the market was going to be damaged badly by the virus. "In the secondary market a few names have sold off a couple of points because they are Chinese-related - that ...

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