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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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Arrangers of at least two of the five hung high yield bridge loans in Europe are talking to at least three US mezzanine funds about reducing — or wiping out entirely — the debt they will have to refinance in the public high yield bond markets.
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Rumours that American Airlines would file for bankruptcy caused the bonds of its parent, AMR Corp, to plunge on Monday, though the company vehemently denied the reports.
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Eastman Kodak’s share and bond prices took another hit on Monday, after the company was pushed to comment on rumours that it would have to file for Chapter 11.
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Pramerica Fixed Income, a branch of the US insurance company Prudential Financial, has expanded in London with two newly created positions: Caroline Ardant Bernard as a principal and specialist in European leveraged finance and high yield bonds, and Tim Whyman as a vice-president and portfolio manager for emerging markets debt. They started last month.
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Concerns over economic growth and the European debt crisis are depressing the high yield bond market, not only in Europe, but in the homeland of high yield bonds, the US.
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Kinetic Concepts (KCI), a San Antonio-based maker of wound care technologies, will meet investors on a roadshow in October, two bankers said. "That will kick off next week over in Europe," said one in the US.