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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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Central European Distribution Corporation, a Polish vodka and spirits producer and distributor, has obtained bondholder support for a request to postpone its second quarter results release.
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CET 21, a subsidiary of Czech Media Enterprises, sold a €70m tap of its €170m 9% November 2017 high yield notes on Monday. The Reg S/144A tap was priced at 108.25 to yield 7.074% through sole lead arranger JP Morgan. The bonds traded up to 109.00 on Tuesday.
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ISS, the Danish facilities services group that twice fell short of sale plans by its sponsors, made it third time lucky this week with a €500m equity deal that will allow it to repay some of its high yield bonds.
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A pair of leveraged finance hires this week signalled the positive sentiment that exists in the sector in spite of deal volumes that remain depressed. Bank of America Merrill Lynch created a new head of origination position within its EMEA levfin business, while law firm Milbank Tweed added a London-based partner, write Olly West and Stefanie Linhardt.
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Investors are showing no signs of tempering their demand for strong credits in the high yield market. Belgium’s Telenet was able this week to increase a European bond by €200m, leaving it with no need to tap the US loan or bond markets.
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