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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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Ballarpur International Graphic Paper Holdings reopened Asia’s corporate hybrid bond market last week, raising $200m from the first hybrid in three months — and closing its issue just a day before a violent fall in global bond and equity markets.
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With a one notch downgrade to Ba1 by credit rating agency Moody’s on Friday, Lafarge has entered the high yield space.
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Having already taken a beating after poor second quarter results last week, Norwegian paper company Norske Skog was hit hard on Monday in the way of a two-notch downgrade by rating agency Moody's.
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The European high yield secondary market faced sell-offs in names such as CEDC and Norske Skog on Thursday, after companies’ quarterly reports disappointed. A general crash in equity and credit market sentiment only added to the persistent volatility linked to eurozone debt worries and macroeconomic concerns.
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European high yield issuers could face a tough second half of the year if investors remain frightened about eurozone sovereign debt and economic growth. Poor secondary trading could affect borrowers’ ability to access the capital market, as investors will ask for higher new issue premiums.
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