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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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With US bankers and investors focused on giving thanks in this shortened week, only one high yield deal was priced, for Superior Energy.
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High yield investors sold Thomas Cook’s bonds heavily this week, after the UK travel company announced that it was renegotiating the terms of its loans with its lenders.
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Tikehau Investment Management, a Paris-based asset manager, is taking subscriptions for a new corporate bond fund that will be largely invested in European high yield bonds. The TK Rendement Fund 2016 will launch on December 7 and is expected to mature around December 31 2016. Target annualised net return is above 7%.
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US high yield borrowers relying on consumer spending could face difficulties in raising their revenues, according to a report by Standard & Poor’s, as it expects the US economic recovery to remain weak.
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Superior Energy sold the only high yield deal in the US so far in the shortened Thanksgiving week. The provider of oilfield services and equipment has priced an upsized $800m bond with a 10 year non-call five maturity and a coupon of 7.125% on Monday.
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High yield investors heavily sold Thomas Cook’s bonds after the company’s announcement that it is renegotiating the terms of its loans with its lenders.