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Dasha Sobornova joins from Akin Gump with experience across asset classes
Trade body for levfin investors turns to leading rating analyst
Demand for riskiest tranches and improved loan supply could support growth in issuance
Dana Point 'no longer the end' of the year as market retains momentum
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S&P Global said that consumer products, media and oil and gas were the most represented sectors on its list of ‘weakest links’ in sub-investment grade corporate debt, which remains relatively small in a low default environment. -
A jump in US Treasury yields at the end of last week sparked a bout of volatility in US equity markets and dented appetite for US high yield bonds, with investors pulling record volumes of cash from funds tracking the sector on two consecutive days this week.
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High yield spreads have widened by 25bp in the past week as the rise in Treasury yields dents fixed rate products, although the market remains at historically tight levels.
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WeWork’s sole high yield bond rose by three points in secondary trading on Wednesday after reports that Japan’s SoftBank Group was in talks to buy a majority stake in the shared workspace provider.
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S&P Global Ratings said on Tuesday that a post-crisis borrowing binge has put US corporate leverage at an all-time high, leaving firms vulnerable to downgrades and defaults. But a strong US economy and receptive capital markets are soothing investor concerns for now at least.
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Corporate and structured credit specialist CIFC is building out of its European operation, hiring Dan Robinson from Apollo Global Management as CIO.
