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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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Novasep, the French supplier of ingredients to the biotech industry, has achieved all necessary conditions for its proposal to restructure its high yield bonds. The news follows Italian directories group Seat Pagine Gialle’s success last week in obtaining consent for its restructuring.
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Spanish construction firm Obrascón Huarte Lain sold €300m of high yield bonds in a drive-by issue on Thursday.
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The German retail and small-scale institutional bond market is flourishing, with several issuers having closed the books on the first day of their subscription periods this year.
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Shariah-compliant investment firm Arcapita has filed for Chapter 11 protection in the Southern District of New York under the US bankruptcy code. Filings were also made for several of its affiliates, including Arcapita Investment Holdings Ltd.
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Renault, the French carmaker, raised €250m on Monday by tapping its 4.625% May 2016 bond. Bookrunners BNP Paribas (billing and delivering), BBVA and Commerzbank priced the notes to yield 295bp over mid-swaps or 4.302% — just 17bp over the issue’s secondary level, a banker said.
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Asian sub-investment grade companies could turn to the bond market in ever greater numbers over the next few months, as increasingly aggressive investment grade issuers push hard on pricing — and force yield-hungry investors to look elsewhere for returns.