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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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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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China’s Agile Property Holdings sold the first corporate hybrid bond of the year late last week, raising $700m from a tightly-priced perpetual non-call 5.5 deal. But the subordinated issue’s structure failed to impress institutional accounts, and led to a poor secondary market performance once the deal became free to trade.
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New World Resources, the Czech thermal coal and coke producer, today followed Cerved, the Italian credit information group, in cutting short its high yield bond roadshow, having found strong enough demand without the extra meetings.
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Lead managers have released price guidance for three European high yield bonds today, suggesting that all three might be priced this week, as the pace of transactions is quickening.
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Cerved Technologies, the Italian credit information provider, is set to price its €780m high yield bond issue this afternoon, having closed the books around lunchtime. Several issuers this week have accelerated their deals to "minimise market risk" as one banker put it.
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New World Resources, the Dutch hard coal and coke producer, has announced plans to raise €275m of high yield bonds.