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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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Labco, a French medical diagnostics group, issued its debut bond on Friday, a Eu500m high yield note that was trading 2.5 points tighter on Monday morning.
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Europe’s high yield market is set for more supply in the coming fortnight after Swissport and Anglian Water announced bonds on Monday. The investment grade market continued to experience a dearth of activity, however, with no borrowers launching deals on the first day of the week.
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Another flood of Yankee bank issuance overshadowed a quiet week for US corporate borrowers. High yield deals, meanwhile, enjoyed a surge.
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Europe’s high yield bond market opened for the year on Tuesday when Spanish gaming group Cirsa issued a Eu280m deal. More supply is expected before the end of the week, with Labco, a French medical diagnostics firm, set to price a Eu500m seven year non-call three bond on Friday afternoon.
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Spanish gaming group Cirsa issued Europe’s first high yield bond of the year on Tuesday night, a Eu280m tap of its Eu400m 8.75% May 2018 note, issued in April 2010. The tap, issued through Cirsa Funding Luxembourg, was priced at 100.5, the mid-range of guidance of 100-101, to yield 8.652%. It was trading up a point on the break.