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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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The mixed fortunes of a clutch of European high yield borrowers over the last week have provided clear evidence that investors are being more selective about the deals they buy, as they enjoy their pricing power in a volatile market.
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Europcar, the French car rental company, had to shrink its Caa1/B- rated high yield bond and widen price guidance a long way — but it got the deal sold on May 4, in a transaction that some saw as showing its desperation.
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Lecta, the Southern European paper maker, sold €590m of high yield bonds in line with guidance last Friday (May 4). The bonds have since tightened in the secondary market.
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Dutch business travel operator Carlson Wagonlit priced its planned $850m high yield bond yesterday with a larger euro tranche than guidance had suggested, even as other issuers have struggled in the market.
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Monier, the restructured roofing products maker, has postponed its planned €250m bond issue, the company said in a statement on Wednesday, due to “the current challenging market environment”.