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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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The United States is where the high yield action is. While three bonds are expected to be priced on Monday, the market is dominated by Kodak, which saw its bonds plunge in the secondary market after the company drew down $160m of its credit line on Friday.
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While the new issue market in European high yield has been dry for two months — with the exception of Fresenius Medical Care’s €684m-equivalent issue on September 8 — the US is still printing deals.
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European paper makers face tougher trading conditions despite a recovery in volumes in the European paper and forest products industry in 2011, Moody’s said in a special comment on Tuesday.
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With the mainstream European high yield bond market effectively closed again, in spite of Fresenius Medical Care’s successful €400m and $400m issue on September 8, German company Albis Leasing is hoping to revive the domestic retail market for smaller companies.
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The Markit iTraxx Crossover rolled into series 16 on Tuesday, increasing the constituents from 40 to 50 and adding some rule changes. The index can now include companies whose CDS are not heavily traded.