Fallen angels to take off as risk appetite swells

14 May 2009

The pace at which corporate bond investors’ risk appetite is increasing was demonstrated this week by only the second high yield supply since July 2007, and bankers are already speculating about what will be the first new non-investment grade benchmark to take advantage of the opportunity.

Nordic paper company Stora Enso’s Eu232.445m tap of a June 2014 issue underlined investors’ appetite for riskier names, showing that the European market is becoming more receptive to high yield deals and the retail investor-friendly coupons they carry. However bankers still think that cuspy investment grade credits will ...

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