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Disruptive US economic policy has not yet dented credit appetite
High yield investors nibble at IG names, as credit investors brace for ‘trillions’ unlocked from money market funds
Embattled utility makes final plea for court to sanction £3bn in emergency funding
Thames Water refinancing battle is an unedifying mess
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Dufry, the Swiss duty free travel retailer, has announced a European and US roadshow to market a debut high yield bond. The planned $500m of eight year senior unsecured notes are expected to be rated BB by Fitch.
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Virgin Media, the UK cable company, has launched a tender offer for up to around $1.58bn equivalent of its bonds on Wednesday.
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Portugal Telecom, the leading telecoms operator in Portugal, today sold its first international bond since Portugal’s sovereign bailout in May 2011, and its first since being downgraded to speculative grade.
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The release of September’s UK retail sales figures sent bonds from British retailers higher on Tuesday. The retail sales report from BRC-KPMG showed the highest like-for-like sales growth of the year, after a weak August.
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Albéa Beauty, the French cosmetics packaging company, has launched its $650m-equivalent debut bond in the high yield market. The provisionally B2/B+ rated senior secured notes will be divided into euro and dollar tranches and have a seven year maturity.
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The global default rate edged higher in the third quarter, as the US speculative grade default rate rose by 0.3% from last quarter, Moody’s said.