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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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Two US high yield issuers completed their deals as expected on Friday, bringing last week’s issuance total to $4.745bn, but plastics group Trinseo held off selling its expected $450m bond.
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The US high yield default rate has risen to an estimated 1.2% for this year so far, according to Fitch. The par value of high yield bonds that have defaulted this year is $12.3bn — though that does not include the $82.5m bond issued by freight haulier Trailer Bridge, which filed for bankruptcy on Wednesday.
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The US high yield market fired away this week, with $3.875bn of deals sold from Monday to Thursday and another $1.32bn expected to be priced on Friday. Last week’s 10 deals totalled $7.7bn.
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The German Schuldschein market has added yet another name to its busy pipeline of about 20 deals this week — high yield’s darling, HeidelbergCement.
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European high yield bankers and issuers are trying out a variety of new ideas to get deals sold, as the market remains all but blocked by investors’ risk-aversion.
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HeidelbergCement, one of the darlings of Europe’s high yield bond market, has turned to Germany’s Schuldschein bond-loan market for more funds, having already raised €621m in euros and Swiss francs this autumn.