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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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Eircom, the Irish telecoms company, and New Look, the UK high street retailer, are the latest companies said to be mulling European high yield issues this week. Both have been reported to be exploring bond issues in the near future, and bankers said deals from them were either “possible” or “good targets”.
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Kabel Deutschland’s planned acquisition of peer Tele Columbus was blocked by the German Federal Cartel Office, putting the Munich-based cable operator back in the headlines. Last week, unconfirmed rumours emerged that the UK’s Vodafone might be interested in buying KDG, and the attempt could come as early as this week. The Tele Columbus news may make a difference.
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Europe’s corporate bond market cracked back into life today after a very slow patch last week, with substantial issues for ThyssenKrupp and Unibail-Rodamco.
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High yield bonds are again the most favoured asset class in Europe, according to Fitch’s European fixed income investor survey.
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Italcementi, the Italian building products maker and fallen angel, has sold €350m of five year high yield bonds, attracting a book of more than €2.5bn.
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Defaults on European high yield debt will rise this year, Moody’s predicts, while US defaults will fall back from their present higher level. S&P disagrees, forecasting US defaults to rise.