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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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Nokia Siemens Networks has released price guidance for a €600m unsecured high yield bond.
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Rexel, the French electrical equipment supplier, showed this week that Europe’s market does not have to be more expensive than the US for high yield bond issuers.
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Leveraged lenders are becoming so aggressive in their pitches for new LBO transactions in Europe that sponsors are asking them to temper the leverage ratios that they are offering, write Nina Flitman and Stefanie Linhardt. For the first time that market participants can remember, sponsors of deals are stepping down from the frenzied leverage levels being put forward by underwriters for new money paper.
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TVN, the Polish broadcaster, announced €815m of senior secured and unsecured high yield bonds on Wednesday. The proceeds of the seven year bonds will be used to refinance all of TVN’s outstanding bonds.
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UPC, the Dutch cable operator owned by Liberty Global, sold a €736m-equivalent high yield bond on Thursday, including its first ever Swiss franc tranche. The sale was nearly €200m bigger than planned.
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The European high yield market was quick to shake off market uncertainty after Cyprus’s botched bail-out this week. While the secondary market widened on Monday — and two planned roadshows were postponed — by Tuesday bankers and investors had got back to business as usual.