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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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Seat Pagine Gialle has won consent from its creditors to restructure its debt, as the deadline approaches at 5pm London time today when the restructuring offer runs out. The deal averts what would probably have been a bankruptcy filing.
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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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Despite a two day dip in financial markets, the €300m 2017 bond for UK lead producer Eco-Bat Technologies, is still trading above par today.
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Some $550bn of leveraged buy-out loans coming due between 2012 and 2016 could help develop a more mature European high yield market and should pose an opportunity for private equity and alternative capital providers, according to lawfirm Linklaters. In its report Negotiating Europe’s LBO debt mountain, the law firm further noted that debt restructurings were likely to become more common.
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HeidelbergCement, the German cement maker and high yield darling, sold €300m of four year notes on Friday, with a coupon of just 4%. The bond was priced through the issuer’s own secondary curve.
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Seat Pagine Gialle’s effort to restructure its debt has moved a step closer to the finish line, though it has not yet won the consent of senior secured bondholders. Without that, the deal could fail.