Good results from Fiat, Ono – trouble at Peugeot and Matalan

26 Jul 2011

Several European high yield bond issuers have reported results, giving investors some fresh data in re-evaluating their portfolios. They include Spanish telecoms company Ono and Italian carmaker Fiat, reporting second quarter figures.

Bonds of both Ono (rated B2/B) and Fiat (Ba1/BB/BB+) have fallen in the last few weeks, due to investor concerns over the debt crisis in southern Europe.

“You unfortunately always have a correlation between country risk and a company, which sits in this country,” said a high yield investor ...

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