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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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After a fortnight’s flurry of deals and record low coupons in the European high yield market, bankers are eyeing frequent issuers as a likely source of several deals next week.
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Jaguar Land Rover, the high end UK carmaker owned by Tata Motors, sold $400m of senior unsecured 10 year high yield bonds inside its curve on Wednesday. The bond traded up three points on Thursday.
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Odigeo, the online travel agency formerly known as Geo Travel, sold its second high yield bond on Wednesday, refinancing some of its loans with bonds.
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Smurfit Kappa, the Irish paper packaging company, has returned to the high yield bond market. The frequent issuer sold an increased €400m seven year senior secured bond on Wednesday, only four months after raising the equivalent of €675m at tight pricing in September.
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Thai Oil repriced its curve and those of other issuers in the PTT Group with a dual-tranche transaction last week. The deal’s secondary strengthening on January 18 was good news for the market, although recent Chinese property bonds continued to underperform.
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Four weeks into the year, the high yield market is being put to the peripheral test. Two deals have been launched by Spanish issuers and one by an Italian. Two of them are debutants.