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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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Kinetic Concepts, the US maker of wound dressings, will 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 a company that has been through an LBO since Bormioli Rocco’s deal on July 27.
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Fresenius Medical Care struck again today, with a €100m five year senior floating rate note, launched and priced on Monday morning.
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HeidelbergCement returned to the bond market today with a Sfr100m (€121m) bond issue, having sold €300m of senior high yield bonds two and a half weeks ago. The Swiss franc deal priced with a 7.25% coupon at the tight end of the 7.25%-7.5% guidance.
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London-based asset manager Northill Capital has set up Goldbridge Capital Partners, a new European credit asset manager specialising in high yield and distressed debt. The fund has up to $100m of cash on hand.
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Arrangers of at least two of the five hung high yield bridge loans in Europe are talking to US mezzanine funds about reducing — or wiping out entirely — the debt they will have to refinance with public high yield bonds. According to market participants, at least three US funds are involved in the discussions.
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A wary US high yield market held off from printing any deals this week, as volatility on Tuesday “sent credit into a tailspin”, according to a high yield investor in New York. “Trading was down hard, on big volumes of over $6bn,” he said.