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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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The threat of forced sales from Japan is hanging heavily over the sovereign, supranational and agency sector, bankers warned at the end of a sobering week for all those involved in international capital markets.
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Such is the strength of Europe’s high yield bond market that even a Japanese borrower can be confident of raising money in it. Telecoms operator eAccess this week boldly stuck to its plans to launch a seven year non-call four deal in dollar and euros. A bond is expected in the coming days.
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European high yield issuers are continuing to push ahead with deals this week, despite market volatility. Dutch truck parts maker Hyva is set to price a $375m bond on Thursday afternoon, while Spanish construction group Obrascon Huarte Lain (OHL) is planning to print a Eu500m transaction on Friday.
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Scandinavian Airlines System sold a Eu220m-equivalent euro and Swedish kroner high yield bond on Wednesday. Bankers said demand was strong despite market jitters.
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Europe’s high yield market took a turn for the worse on Tuesday as fears grew over a full-blown nuclear disaster in Japan, leading to doubts that borrowers finishing roadshows, including France’s Valeo, will be able to issue this week.
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Sentiment in Europe’s high yield market remained bullish on Monday, with indices tightening, despite the Japanese earthquake and unrest in the Arab world.