Latest high yield bond news

• Jumbo deals back in lev loan market with BMC buyout

  

  BMC Software, the US IT firm, has revealed the loan leg of the funding for its leveraged buyout by KKR, a $4.4bn facility in dollars and euros. It is the first multi-billion leveraged loan deal for four weeks, after a battery of large offerings early in May.

  • 04:45 PM

• IGT bets on new HY bond as trade war worries heat up

  

  International Game Technology is reading its comeback to bond issuance, seeking funding for a partial tender offer for two 2020 euro notes. Europe’s primary high yield market is back in action, too, but investors warn renewed talk of trade war between the US and China could disrupt the market.

  • 01:15 PM

• High yield sparks into life with €4.5bn in 'attractive mix' of deals

  

  Five borrowers displayed a heavy deal pipeline for acquisitions and refinancings on Monday, as secondary spreads tightened after a quiet week.

  • 18 Jun 2018

• PetSmart downgraded by S&P after Chewy transfer

  

  S&P Global Ratings knocked a notch off pet food retailer PetSmart’s corporate credit rating on Thursday, citing the firm’s ‘unsustainable’ capital structure and the increased risk of a distressed debt exchange after a portion of its subsidiary Chewy was transferred to private equity sponsors.

  • 14 Jun 2018

• ECB cheers corp bond market by revealing expectations were right

  

  The European Central Bank surprised some corporate bond market participants on Thursday by setting out how it expects monetary policy to evolve over the next year and a half.

  • 14 Jun 2018

• MGM set to refi, media firms ramps content production

  

  Metro-Goldwyn-Mayer (MGM), which controls the distribution of movies and TV content such as the James Bond franchise and The Handmaid’s Tale, is in the market with a new $2.5bn refinancing package this week, as traditional US media companies ramp up their borrowing to fund new content to compete with new competitors such as Netflix.

  • 13 Jun 2018

• US high yield in dry spell as loans race on

  

  Just one issuer had tapped US high yield investors by Thursday this week, following the quietest May since 2010 and with leveraged loans now outweighing high yield bonds for the first time since 2008.

  • 12 Jun 2018

• High yield ETF loses 40% of assets after Charles Schwab switch

  

  The iShares 0-5 Year High Yield Corporate Bond exchange traded fund (SYHG), which tracks short dated US high yield credit, has unwound almost 40% of its asset base in the last week and a half after investor Charles Schwab pulled its money to put into another high yield fund.

  • 08 Jun 2018

• Interxion in with largest fixed rate HY bond deal

  

  Dutch data centre operator Interxion sold a €1bn bond deal this week, the largest fixed rate junk bond of 2018 so far, as the European high yield primary market starts to warm up after a quiet couple of weeks.

  • 08 Jun 2018

• Wallflower credit issuers eye up buyers nervously

  

  Corporate and financial institution bond issuance resumed in Europe this week as calm returned to markets after bruising Italian political turmoil led to an ugly and deal-less end to May. With a government installed, markets are working again, but the heavy backlog of issuers is emerging only slowly, anxious not to arrive too soon. Jon Hay, Nigel Owen and Victor Jimenez report.

  • 07 Jun 2018

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