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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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Moody’s believes at least a quarter of unrated LBOs with debt maturing by 2015 will default, it said today. And this proportion might double if access to the high yield bond market proves particularly problematic.
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Risk appetite has declined in the US high yield market, and investors are seeking deals with stronger covenant protection and larger new issue premiums. More aggressive transactions are facing headwinds, especially those intended to let shareholders take dividends from the borrower.
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German football club Gelsenkirchen-Schalke 04 hopes to raise up to €50m of seven year ‘Mittelstand bonds’ with a 6.75% coupon.
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Bridge-to-bond transactions for Kabel Deutschland, Fresenius, Ono and Wind Telecommunicazioni are the only straws for bankers to grasp at in the European high yield market at the moment, as volatile markets have sent other issuers into hiding.
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Risk appetite has declined in the US high yield market, as investors are increasingly seeking deals with stronger covenant protection and larger new issue premiums, while transactions intended to let shareholders withdraw dividends from the borrower face headwinds.