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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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BMC Software, the US business software group, dropped the planned euro tranche to its $1.38bn-equivalent high yield bond and plans to price the dollars on Wednesday. Pricing on the euro tranche would have been too expensive, according to a banker close to the deal.
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A methodology announcement by Moody’s last week highlights the paradoxical nature of the burgeoning corporate hybrid capital market, and its potential fragility. The agency’s stance could increase the risk of a company falling off a ratings cliff, just at the moment when it loses investment grade ratings. -
BMC Software, the US business software group, expects to release formal price guidance today for its high yield bond issue, to finance its $6.9bn acquisition by Bain Capital and Golden Gate Capital. The lead banks have set price whispers and the tranche sizes.
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Minimax Viking has revised the pricing and structure of its new transatlantic loans package to reflect investor interest in the deal.
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A Caa1/B- rated bond for Playa Resorts Holding, a highly leveraged Mexican and Caribbean hotel play that was being run off the lead banks’ US high yield desks, surprised LatAm DCM bankers and EM debt investors by pricing at a yield of 8% on Monday
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The bond financing for BMC Software’s LBO looked set to provide the highlight of the week in the European high yield primary space as market participants finally began to leave their desks after a busy July.
