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There is no crock of equity gold at the end of the rainbow
Partner has joined Clifford Chance from the newly merged rival magic circle law firm
MAG’s tightly priced bond adds credence to claims that Thames Water’s woes are isolated
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Friday is rounding up a busy week for the European high yield market, with two transactions from emerging market countries. RCS and Topaz have accelerated their transactions, while Italian car parts distributor Rhiag has also released guidance.
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The European high yield market has not only notched up record issuance this year, but has also become notably broader by sector and geographically — even now taking in an increasing range of emerging market issuers, writes Stefanie Linhardt.
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Private equity firm KKR is set to expand its presence in the European credit market by buying Avoca Capital, a credit investment manager based in Ireland, in the hope of picking up corporate clients left by banks less willing to lend.
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The Dominican Republic proved that demand was strong even for lower-rated issuers, attracting $1.75bn of demand for a new bond of $500m — the maximum it was approved to sell by its congress.
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Heathrow Airport Holdings, which owns several UK airports, launched a £750m bond on Thursday that found strong demand, exceeding the issuer and lead managers’ hopes.
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BlueBay Asset Management has launched a total return credit fund skewed to high yield bonds. It aims to return 5%-10% a year and also invests in loans, emerging market debt and convertible bonds.