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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
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The US high yield market again showed better resilience to market volatility than its European counterpart this week, as investors had bought $3.19bn of bonds by Wednesday. Some $2.2bn of that came on Tuesday alone —just a day after Monday’s wretched equity and credit session.
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Ineos, the world’s third largest chemicals company, demonstrated both its own clout as a borrower and the exceptionally hot appetite in the US leveraged loan market, when it made a late swerve on Thursday and diverted most of a $3.7bn refinancing away from the bond market and into loan investors’ pockets.
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Faurecia, the French car parts maker, has successfully sold its €250m subordinated bond today (Friday), in an encouraging sign for the European high yield market. Meanwhile, Monier, a French roof tile maker, has launched a deal, leading what could be a wave of deals expected to be priced next week.
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Faurecia, the French car parts maker, launched a €250m high yield bond today, which it hopes to price tomorrow.
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Ineos, the Swiss-domiciled chemicals company, is pressing ahead with plans to issue $2.2bn of high yield bonds in dollars and euros on Thursday.