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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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Thomas Cook, the UK travel agency, has launched and priced on Friday the first European high yield bond of the year from a single-B-rated borrower. It encountered the after-shocks from the Swiss National Bank's shock change of exchange rate policy on Thursday, but the company achieved its refinancing goals.
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Deutche Bank’s wealth management arm, Deutsche AWM, this week launched a new exchange-traded fund tracking a basket of 97 euro corporate high yield bonds with tenors of one to three years.
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Dutch cable company Ziggo accelerated its dual currency bond issue to price it on Wednesday after its sister company, Virgin Media of the UK, had sold the first bond of a restructuring plan involving four Liberty Global cable subsidiaries.
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European high yield is back. That is the unequivocal conclusion of market participants after a strong week of issuance has broken the market's five month dry spell, writes Victor Jimenez. Now, the market is ready to return to full functionality — which will be marked by the return of single-B rated issuers. -
UK travel operator Thomas Cook is set to price its €400m high yield bond on Friday, riding a wave of successful high yield issues this week.
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Larger deals and bigger new issue premiums will be the new normal for Asia ex-Japan as issuers adjust their debt funding strategies in the face of volatile markets. A pair of high profile bonds in the past week clearly illustrated this size-over-price approach, although bankers said that while it will become increasingly common, not everyone will adopt it, writes Rev Hui.
