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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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With the European high yield pipeline blocked at the outflow end by a risk-averse bond market, bankers are slowly beginning to haul deals out of the other end, restructure them and put them back in the pipeline in a slimmer form.
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A majority of holders of Corral Petroleum’s two senior secured PIK notes, maturing in five days’ time, have accepted the company’s exchange offer and consent solicitation – preventing the Swedish oil refiner from a disorderly default.
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The European high yield market took another blow on Monday, as equity and credit markets sold off sharply on renewed worries over a possible Greek default and the shock resignation on Friday of Germany's Jürgen Stark from the executive board of the ECB. On Monday, the Markit iTraxx Crossover moved above 800bp for the first time.
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The bonds of French container shipper CMA CGM took another hit on Monday, as secondary markets degraded further, compounding the effects of a recent downgrade.
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Fresenius Medical Care’s senior unsecured bonds were priced at the tight end of talk on Thursday. The world’s largest provider of kidney dialysis products and services sold €684m equivalent in euros and dollars – more than the initially targeted €614.3m.