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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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Asia’s high yield market has been volatile throughout much of the year, but it has now gone from bad to worse. Secondary prices are diving, investors are becoming increasingly tight-lipped and bankers are starting to play the blame game. Morgan Davis and Addison Gong investigate. -
Law firm Ropes & Gray has hired former Goldman Sachs managing director Carol Van der Vorst as a partner in its leveraged finance team in Europe.
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The European leveraged finance primary market has been idling this week, with less than €1bn of paper on offer. Backstage, however, things have been buzzing.
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The volatility and widening of corporate bond spreads in Europe since February has led many bankers to comment that the balance of power has shifted from issuers to investors. Investors, however, suggest otherwise.
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House of Fraser, the department store chain, has joined the trail of UK high yield retailers that have turned to company voluntary arrangements (CVAs) to deal with financial difficulties. But this time, the borrower has also found a new owner, a development its 11% shareholder Sports Direct is threatening to block in court.
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After four years away from the high yield market, UK North Sea operator Ithaca Energy was back with a bond refinancing deal this week, as European oil and gas issuance runs well ahead of last year’s pace.
