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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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European investors have demonstrated voracious appetite for high yield debt this week, with a Eu2.25bn deal from Kabel BW — the biggest junk bond this year — closing five times oversubscribed on Wednesday. A £430m transaction from Phones4U was also easily covered.
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Chinese property is back on the menu after bond investors flocked to a deal from Yanlord Land Group this week — and KWG Property Holdings quickly followed up with its own offer.
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Activity in Europe’s high yield market continued unabated on Wednesday as Phones4U, Ontex and eAccess prepared to price deals, each seeing heavy demand.
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Kabel BW tightened guidance on Wednesday for its Eu2.25bn junk bond, which will be used to finance its Eu3.16bn takeover by Liberty Global from EQT Partners. The German cable firm also increased its floating rate tranche from Eu350m to Eu420m, thanks to strong demand from investors wanting to hedge against rising interest rates.
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Kabel BW launched Eu2.2bn worth of junk bonds on Tuesday to finance its Eu3.16bn takeover by Liberty Global from EQT Partners. Bankers said the deal could be priced on Wednesday.
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German cable firm Kabel BW launched Eu2.25bn worth of junk bonds on Tuesday to finance its Eu3.16bn takeover by Liberty Global from EQT Partners. Unofficial price talk is 8% for the secured tranches and 10% for the unsecured paper, bankers said on Tuesday afternoon.