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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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Asian companies hoping to raise money in the bond market face a tough choice: come to the market now and pay more to borrow than they could have done earlier this year — or wait and risk the markets getting worse and prices moving higher. Companies with half a chance of getting a deal away should strike sooner rather than later.
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This week’s €250m high yield issue by Bormioli Rocco, the Italian glass and plastic packaging maker, has traded up in the secondary market, after being priced inside guidance at 10% on Tuesday.
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Several European high yield bond issuers have reported results, giving investors some fresh data in re-evaluating their portfolios. They include Spanish telecoms company Ono and Italian carmaker Fiat, reporting second quarter figures.
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Bormioli Rocco, the Italian glass maker, priced its €250m high yield bond inside guidance at 10% on Tuesday, according to two high yield investors.
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Citigroup has expanded its high yield and distressed debt sales teams in London by hiring Nathan Stone and Frank Palamara.
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Asian debt bankers are preparing for a tough week, aware that windows of opportunity to sell bonds can disappear as quickly as they open. But they are still hopeful several issuers will be able to sell bonds this week — as long as they are willing to pay up.