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High yield investors nibble at IG names, as credit investors brace for ‘trillions’ unlocked from money market funds
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Some traditional investors in European high yield bonds are showing growing interest in lower rated paper. But a closer look at market dynamics suggests that, rather than just newfound risk appetite, the presence of occasional buyers in the market may also be pushing them down the ratings ladder. -
Fitch Ratings said on Tuesday that the increasing ability of leveraged borrowers to add additional debt without investor pushback would adversely affect the recovery rates for lenders in the event of a default.
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High yield rated UK supermarket chain Tesco has launched a new bond with investment grade style features to fund tender offers for eight outstanding bonds, just days after a recent rating upgrade from Fitch Ratings.
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China's Jiayuan International Group made any unusual move by coming to the bond market on Friday last week, for the refinancing of a November maturity.
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Irish boutique investment bank Rubicon Infrastructure Advisors has hired two bankers with over 40 years of experience to expand its business into the UK.
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Milanese pharmaceutical firm Recordati was out with its CVC buyout funding this week — a €1.3bn bond, in a European high yield market that has mostly ignored Italy’s political fights. But on Thursday, volatility went global and investors started pressing for concessions. Recordati went ahead regardless, and priced on guidance.
