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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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Arrow Global is looking to raise £200m of high yield debt from a debut bond. The UK purchaser of defaulted consumer debt announced the deal on Thursday and starts its three-day roadshow on Friday.
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New World Resources, the Czech hard coal and coke producer, sold €275m of high yield bonds inside price guidance and a day early on Wednesday. The notes traded up to 100.375/100.625 on Thursday morning.
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Asian investors’ impatience at the slew of tightly-priced dollar bonds hit hybrid deals hardest this week. The combination of dicey structures and high yield credits resulted in two issues selling off badly in the secondary market and a third being pulled before pricing. Buyers and bankers alike called for the frenetic pace of issuance to slow.
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Ardagh, the Irish glass and metal packaging group, has increased its high yield bond by $150m to reach $1.6bn-equivalent in euros and dollars. But there was no compromise needed to get the bigger deal away — the coupons on the three tranches were the frequent issuer’s lowest ever.
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Singapore medical technology company Biosensors International made its debut in the public bond market at the start of the week, raising S$300m ($244.9m).