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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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Cerba European Lab, the French operator of clinical pathology laboratories in Europe, intends to sell €355m of senior secured high yield bonds in what would be its maiden issue. The bond is expected to be rated B2/B+/BB-.
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Odigeo, the online travel agency, hopes to sell €325m of senior secured bonds, in what would be its second high yield bond issue.
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The manic pace of issuance in Europe’s high yield bond market this week reminded specialists of the boom years of 2006 and 2007, writes Stefanie Linhardt — in both the bullishness of risk appetite and fears that the market might be overheating.
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Hong Kong Broadband Network made its debut in the dollar bond market at the end of last week, launching an unrated $450m Reg S deal that held up well in secondary trading despite a recent softening in the high yield market.
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Loxam, a French equipment rental company, has sent out guidance to investors on its debut €300m high yield bond. The leads plan to price the seven year non-call three deal later on Thursday.
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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.