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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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Sentiment in the US high yield bond market picked up this week, in line with a general upswing across financial markets.
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Single-B rated Emdeon, a processor of healthcare transactions, started meeting investors on Wednesday for a $375m eight year non-call four unsecured bond as part of its LBO financing. The Nashville, Tennessee-based company is expected to sell the bonds, provisionally rated Caa1/CCC+, next week.
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Kinetic Concepts, the US maker of wound dressings, this week completed the European leg of its roadshow, as it prepares to issue euro-denominated bonds to support its $6.3bn buyout by Apax Partners. If the deal comes to market soon, it could be the first high yield bond in euros from an underwritten LBO since Bormioli Rocco’s deal on July 27.
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Legacy leveraged buyouts are particularly vulnerable to a slow-growth environment, despite a general credit quality improvement, according to a report released by Standard & Poor’s.
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Fabio Diminich joined Clifford Chance’s European high yield bond group on Monday – the third partner to join the team, which has doubled in the past year.
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Primary activity is slowly creeping back into the US high yield market. Two bonds were launched this week to refinance leveraged buyout bridge loans, after bankers were encouraged by the secondary market firming up.