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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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Frozen food retailer Picard Surgelés this week issued a Eu38m payment in kind note in the first European issue of that type in 2010. However, the deal does not indicate that these high risk deals are returning to the broader market.
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A controversial Eu500m bond from Alcatel Lucent on Thursday evening, the first from the fallen angel credit in 14 months, took this year’s strong European high yield sales to Eu40.9bn. The French telecom equipment supplier issued five year unsecured notes to take out part of the Eu1bn convertible bond it launched in September 2009.
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Taylor Wimpey, the UK house builder, managed to get a £250m high yield bond offer away on Thursday afternoon, but the bookrunners admitted that the deteriorating credit environment had forced the issuer to pay up to get the deal done.
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The Italian telco Wind may have cut its high yield bond last week but the market remains in rude health.
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After months of intense deal flow, Asian bond markets this week stumbled amid worries that included the crisis in Ireland, doubts over the effects of quantitative easing, and fears over price controls in China.