Cablevision, Axle brave frightened market for HY successes

01 Nov 2011

High yield issuance ended October on a buoyant note, as investors refused to be spooked by portents of the European debt crisis bailout unravelling, despite the Halloween season. Cablevision Systems and American Axle priced deals on the last day of the month, bringing October’s total to $9.24bn.

That is a fraction of the $32.9bn sold in October 2010, but is encouraging for issuers, considering that the first 11 days of the month were barren.

Nearly a third of the total, $2.825bn, was placed in the last two working days. The improvement in sentiment in the second ...

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