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US issuers and insurance companies could benefit as Moody’s relaxes parts of its approach
Investors attracted by relative value versus loans but are not blind to risk
Floridian manager registered the vehicle in Ireland with article 8 SFDR classification
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Allocations were distributed to BMC Software’s investors on August 9, after a radical change to the debt’s structure and currency split.
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Auto-Teile-Unger, a German chain of car repair shops, is working on a programme to restructure its balance sheet, which could affect its bonds and loans.
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High yield bond funds are continuing to attract more money in Europe, as the market celebrates a record €61bn of issuance in the first seven months of this year.
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Source: Dealogic
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The European high yield market has finally embraced a well-earned summer holiday, after the last two planned deals disappeared from the radar. But bankers were quick to stress that both trades had fizzled out for deal-specific reasons, not because of the market environment.
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Payment-in-kind (PIK) bonds are the flavour of the year. This has unquestionably been the case in the US leveraged finance market, but bankers are also expecting to see more PIKs in Europe. ConvaTec, a UK-based wound and stoma care firm, has become the latest European issuer to sell PIK notes — in big size, with a short execution and in order to pay a large dividend.