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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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Mexican cement maker Cemex issued $800m (Eu567m) of senior secured floating rate notes at 525bp above Libor on Tuesday evening, in one of the first drive-by high yield deals since Japan’s earthquake. Demand for the dollar portion of the note was such that the borrower decided against issuing a euro tranche.
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Mexican cement maker Cemex launched a euro and dollar high yield bond on Tuesday. The transaction, which could be priced later in the day, is the European high yield market’s first drive-by deal since the recent volatility caused by the Japanese earthquake, underscoring the high demand for junk-rated corporate paper.
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Luxemburg stainless steel firm Aperam’s $500m senior unsecured high yield bond, issued on Friday, was trading tighter on Monday.
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Europe’s high yield companies pushed ahead with deals on Monday, as Germany’s Heidelberger Druckmaschinen and the UK’s Thames Water announced bonds. Other borrowers are expected in the market soon. “The run-up to Easter is going to be very busy,” a senior syndicate banker said.
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The leveraged loan market lost out to high yield bonds this week as private equity sponsors chose to take advantage of the looser covenants and greater leverage available in the public markets.
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