High Yield

  • Pigasse lands as Centerview’s new French boss

    Pigasse lands as Centerview’s new French boss

    Centerview Partners has appointed ex-Lazard rainmaker Matthieu Pigasse as head of its new French operation, as the boutique advisory firm expands in continental Europe with a 15-strong team.

  • Chinese telco warns over put repayment risk

    Chinese telco warns over put repayment risk

    Dr Peng Telecom & Media Group Co, a Chinese company with an international bond that falls due in two months, has told domestic investors it might not be able to redeem a Rmb1bn ($141.7m) onshore bond, after investors decided to put the deal.

  • Europe’s top issuers: big names still to come

    Europe’s top issuers: big names still to come

    Several of Europe's biggest corporate bond issuers have yet to fund in the market this year, despite the flood of deals as companies hoover up cash to see them through the coronavirus crisis. Vodafone, Electricité de France, Enel and Bayer are among firms yet to issue. However, more of the gaps are being filled up every day.

  • Hard-hit firms mull market rescues as governments change support goalposts

    Hard-hit firms mull market rescues as governments change support goalposts

    Companies in sectors that lack government support packages are having to weigh moving quickly to secure costly private-sector rescue capital against waiting and hoping governments extend existing bailout or liquidity schemes to them. The cost of Carnival Corp’s $6.25bn package last week showed how expensive private sector cash can be, but many sectors’ prospects of receiving public money are better than the Panama-domiciled cruise company.

  • Banks carry on conduit lending despite coronavirus crunch

    Banks carry on conduit lending despite coronavirus crunch

    According to data from the European Securities and Markets Authority, new trade receivables securitizations are still being regularly financed by banks through their asset-backed commercial paper (ABCP) conduits, with market participants saying that lenders remain open for business — for existing clients only.

  • Mission impossible? Cruise co Carnival storms into capital markets with high stakes rescue

    Mission impossible? Cruise co Carnival storms into capital markets with high stakes rescue

    Dollar high yield and convertible bond buyers dived straight into the riskiest possible end of the market on Wednesday, snapping up rescue issues for cruise operator Carnival Corporation, a firm at the centre of the coronavirus storm. Carnival pledged nearly all its ships to back bondholders’ investments, while convert investors spied a chance to double their money — if the cruise industry can bounce back. Aidan Gregory, Jon Hay, Sam Kerr and Owen Sanderson report.

  • Insurers bulked up on airline risk as export credit agencies pulled out

    Insurers bulked up on airline risk as export credit agencies pulled out

    Private sector insurance companies have written extensive guarantees for the purchase of new aircraft from Boeing and Airbus in the past two years, filling a gap in the market left by the retreat of US Eximbank and European export credit agencies. But with aircraft around the world grounded and airlines slashing capital expenditure, these insurance firms could be stuck with the risk.

  • Rare bullish companies still buying own stock

    Rare bullish companies still buying own stock

    As the coronavirus eats into the global economy, most companies are putting their share buy-back programmes on hold — but there are exceptions. ContourGlobal, which generates power in emerging markets, has launched a new buy-back programme, while Philips is using an unusual derivative technique to adapt its plan to crisis conditions.

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