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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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High yield credit default swaps tightened again on Thursday, raising spirits in the market, though it remains closed. The Markit iTraxx Crossover index of 50 European high yield and crossover CDS closed at 812bp, 31bp inside Wednesday’s close and more than 60bp lower than its Tuesday close of 874bp, the highest this year.
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High yield credit default swaps tightened further today, raising spirits in the market - but it remains closed and bonds are under pressure from shorting traders.
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Energieversorgung Niederösterreich, the multi-utility based in Lower Austria, priced its long-awaited €300m bond on Thursday, as the buoyant tone in credit markets enabled the leads to overcome the obstacle of the deal’s small size.
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US merchant energy company NRG Energy cut its full year profits guidance on Monday, sending both its shares and bonds down.
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Even though issuance in the US high yield market is far below its average these days, it still makes European market participants envious.
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The European high yield primary market looks dire, just a week after HeidelbergCement issued its €300m 9.5% seven year bond. The Markit iTraxx Crossover rose to another high yesterday, making new issues even more unlikely.