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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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Yesterday’s deals by newly rated Heineken and Luxottica may suggest that European companies will increasingly choose to get ratings if they want to issue bonds, but Sanoma, the Finnish media group, showed that there is certainly still demand for unrated paper, even from a debut issuer.
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The German retail bond market is flourishing, after several issues have closed books on the first day of their subscription periods this year. The latest candidate was Singulus Technologies, a Kahl-am-Main-based equipment maker for the solar cell and optical disc industries.
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Ascometal, the French steelmaker, launched its €300m high yield bond today (Monday) through holding company Captain BidCo.
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Renault, the French carmaker, raised €250m today (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 existing issue’s secondary level at the time of announcement, according to a banker.
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The European high yield market is enjoying strong demand for short-dated paper from stable double-B issuers, according to a syndicate banker.
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