High Yield Bonds

  • SWFs hot for direct lending as recession strikes Europe

    SWFs hot for direct lending as recession strikes Europe

    Sovereign wealth funds from Abu Dhabi and Qatar have started to take ownership positions in new direct lending platforms in Europe and the US. But as Western economies plough into a deep recession, while rival investors still sit on barrels of dry powder, the wealth funds' decision to push into middle market credit now is surprising.

  • MasMovil finishes LBO takeout with bond debut

    Spanish telecoms group MasMovil has finished taking out its acquisition debt for its take-private by Cinven, KKR and Providence Private Equity. Most of the €2.9bn financing came through a loan, allocated in July, with the bond portion offered this week following shareholder acceptance of the offer. Flexible documents prompted some criticism but the company’s strong growth story saw the bonds clear at the tight end of talk.

  • Debt purchasers dip into market to prep for NPL rush

    Debt purchasers dip into market to prep for NPL rush

    Debt purchasing firms are repeatedly hitting the high yield market to prepare their capital structures for the likely wave of portfolio sales as pandemic support schemes roll off, with France’s iQera the latest in the market. But some companies in the sector are in no position to refinance, such as Lowell which is effectively shut out of the market with its own credit concerns, raising questions about whether these companies can compete for post-Covid loan sales.

  • US big beasts dominate UK broking with different styles

    US big beasts dominate UK broking with different styles

    JP Morgan and Morgan Stanley’s positions at the top of the UK corporate broking rankings have undoubtedly helped their equity capital markets businesses, but Goldman Sachs stands out for its disruptive approach, writes David Rothnie.

  • Sponsors set to plug funding gap with PIKs as valuations soar

    Payment in kind notes and preference shares will likely play an increased role in new leveraged buyout structures, as sponsors seek to bridge the gap to ever more stretched equity valuations against a backdrop of depressed earnings.

  • Iosco warns of regulatory action over DCM mandate pressure

    Iosco warns of regulatory action over DCM mandate pressure

    Banks may be using their lending relationships with companies to press them into granting bond mandates, the International Organisation of Securities Commissions has warned. This follows the UK Financial Conduct Authority's remarks about similar pressure for equity mandates in April.

  • ‘Society benefits from short sellers’ — Gabriel Grego, CIO of Quintessential Capital

    ‘Society benefits from short sellers’ — Gabriel Grego, CIO of Quintessential Capital

    Gabriel Grego, managing partner and chief investment officer at Quintessential Capital, is known among investors for his devastating critiques of fraudulent companies. A former paratrooper in the Israeli Defence Force, Grego is on what he sees as a moral crusade to sniff out corporate corruption. He is adamant, he tells GlobalCapital, that activist short selling is a force for good in financial markets — and society as a whole.

  • New roles for Marsh, Verri at Goldman

    New roles for Marsh, Verri at Goldman

    Goldman Sachs has given new titles to leaders in its credit finance, investment grade capital markets and equity capital markets businesses.

High yield bond news archive