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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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Tesco has dropped into the high yield market, after both Moody’s and Standard & Poor’s stripped their investment grade ratings from the UK's leading supermarket group, once seen as a corporate titan. -
European high yield new issuance for 2015 began on Thursday with a successful €750m deal for ArcelorMittal. The company is a fallen investment grade angel rather than a classic high yield issuer, but nevertheless it has encouraged bankers to think high yield's long drought can be slaked.
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With regulation of the leveraged finance market in the US biting ever harder into banks' freedom of action, high yield market participants in Europe are beginning to look ahead to a future in which regulation could come to Europe, too.
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Analysts are concerned that New World Resources, the Czech coking coal producer, could need a new debt restructuring, after it struck deals to sell coal that could leave it still leaking cash.
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The Asian corporate bond market’s usual new year exuberance is nowhere to be seen in 2015, as growing macro concerns and a depressed Chinese property sector force issuers on to the sidelines. But bankers are not fretting yet, even though activity is likely to remain subdued, writes Rev Hui.
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Financing for Altice's planned takeover of Portugal Telecom has been put on hold, as the telco is being investigated over its investments in Grupo Espírito Santo.
