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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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Trailer Bridge, an integrated trucking and marine freight carrier based in Jacksonville, Florida, has filed for Chapter 11 bankruptcy on Wednesday, a day after its $82.5m of 9.25% senior secured notes matured.
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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 today.
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In the US high yield market $1.5bn of deals were sold on Monday, and investors glimpsed a $225m deal from greetings card maker American Greetings, due today.
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HKW Personalkonzepte, a German recruitment firm, launched its bond for trading on the Mittelstandsmarkt platform of the Düsseldorf stock exchange today, although it had failed to raise the targeted €10m during the deal’s subscription period.
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Five companies are seeking to issue US high yield bonds, as the market remains busy after last week’s 10 deals totalled $7.7bn.
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Swiss banking group SYZ & Co will launch the Oyster Global High Yield fund on November 17. It will be managed by investment boutique Seix Investment Advisors in the US.