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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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Some investors have voiced discontent over how Virgin Media’s existing high yield bonds have been handled since its takeover by Liberty Global in February.
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Cegedim, the French healthcare technology and services company, hopes to issue a high yield bond to finance a tender offer for its 7% 2015 notes. The new issue is a condition for Cegedim’s tender, which was launched today and expires on Wednesday next week.
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ThyssenKrupp, the German steel and engineering group, took advantage of Tuesday’s strong market and tapped its 4% 2018 bond, issued two weeks ago. The €350m tap for the crossover credit was priced above par and brings the total 2018 issue to €1.6bn.
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DFS, the British sofa retailer, sold its £310m senior secured high yield bond supported by a large book on Friday. The transaction was oversubscribed by a factor “in the high single digits”, according to a banker close to the deal, and priced at the tight end of guidance.
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Rallye, the unrated French holding company that owns 49% of retailer Groupe Casino, sold a €300m six year bond today that was priced inside initial price talk at 4.25% — the company’s lowest ever coupon, excluding its equity-linked bonds.
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