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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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While interest rates have been at record lows, Europe’s junk bond market has thrived. But Jean-Claude Trichet’s hint of an imminent rise should not cause investors to retreat. There are still plenty of reasons to buy high yield paper.
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Several European high yield bonds are due to be launched in the next few days, lifting the market after last week’s thin supply. A Eu400m floating rate note from Grohe kicked off the week on Tuesday, while a first time issue from the UK’s Moto will be sold towards the end of the week.
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Grohe, a German bathroom and kitchen furnisher, launched a Eu400m junk bond on Monday as several other high yield European companies lined up deals.
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UK cable firm Virgin Media sold a blowout £960m-equivalent crossover bond on Thursday, increasing the deal from £750m after investment grade accounts piled into it with £5.3bn of orders.
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Two South African borrowers tapped Europe’s high yield market this week, providing the first junk bonds from the country since mid-2009. And, against the tough backdrop of violence in the Middle East, not everything went according to plan.