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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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Bonds of Seat Pagine Gialle (Caa3/CCC+) came under renewed pressure today, after the Italian directories company released weaker than expected results for the first half of 2011.
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Credit and equity markets moved in opposite directions today, for the second day running — a rare dislocation that left analysts and investors scratching their heads.
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Banks could be forced to take a hit on upcoming bridge loan refinancings if poor conditions in European high yield secondary markets push take-out bond pricing beyond underwriters’ cap rates — the maximum interest levels on the bridge loans they have already put in place.
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Outflows have continued from global high yield funds this week, with almost $2.3bn leaving in the period from last Thursday through to Tuesday, according to EPFR Global, suggesting a recovery in high yield is still far off. On Thursday and Friday alone, outflows were just shy of $1bn per day, said Cameron Brandt, director of markets research at EPFR.
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