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High yield

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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
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Thames Water refinancing battle is an unedifying mess
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  • Alcatel Lucent, the US-French telecoms equipment producer, has tapped its 6.75% 2020 bond, issued three weeks ago, for another $250m, taking the size to $1bn.
  • Tank & Rast, the German motorway services business, sold an 8.1 times levered second lien bond inside guidance on Tuesday. And, in line with the bullish market trend, the notes traded over three cash points higher on Thursday.
  • Altice is expected to launch a high yield bond next week, said sources close to the deal. The cable and telecoms business wants to finance its acquisitions of Tricom and Orange Dominicana.
  • HgCapital buys P&I — LBO debt for Poland's Dr Gerard — RAC heavily subscribed — Investors consider Nocibé — Xella extends maturities — Spectrum launches refi
  • Europe had long been waiting for a wave of large, event-driven leveraged loan transactions. Now, as the year draws to an end, the market appears to have produced just that.
  • Some of the strongest credits in the European leveraged loan market are proving they can get strong support from their banks.