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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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Bankers and debt advisers in the European high yield market believe more US companies could bring reverse Yankee bonds to Europe, as uncertainty surrounding new economic and trade policies in the US hampers their home market.
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The European high yield market may not be as bleak for issuance volumes as previously thought following a stellar start to the year, according to market participants.
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Louis Dreyfus, the unrated, privately owned food commodities company headquartered in Amsterdam, pushed ahead with a senior unsecured bond issue it had previously tried to bring in November on Tuesday.
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Although the European high yield market priced only one sterling issuer this week, some debt advisers say the pipeline is building up.
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While fund managers and issuers' law firms in the US go to war over protection covenants for high yield investors, European market participants are intent on dodging a similar conflict. But investor advisers say bond buyers should check the fine print in Europe, too.