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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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Millennium Offshore Services, the provider of offshore jack-up accommodation service vessels based in the United Arab Emirates, sold $225m of high yield bonds on Friday. The five year non-call two senior secured bonds came in line with guidance at par to yield 9.5%.
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Ontex is hoping to tap its 7.5% senior secured 2018 bonds for €75m. The Belgian private label nappy maker sold its multi-tranche high yield debut bond in 2011.
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Edcon, South Africa’s largest non-food retailer, sold €300m of high yield bonds on Friday. The structure of the deal was changed twice before being priced at a yield of 10.415%.
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Debt market participants insist that 2013 will still be a good year for Latin American corporates despite a slowdown in the new issue market that saw two high yield names fail to price mooted deals last week.
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Liberty Global has pulled it off. By Thursday evening, the US cable investment group had raised £2.3bn-equivalent of high yield bonds off the balance sheet of Virgin Media, the UK cable TV, phone and internet group it hopes to take over. Deal talks had only been revealed on Tuesday.
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Private equity is a force to be reckoned with again in global capital markets. After a long hibernation, funds stirred this week, and it was immediately clear just how much strength they have gathered from the relentless growth in appetite for credit risk.