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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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Asian investors’ impatience at the slew of tightly-priced dollar bonds hit hybrid deals hardest this week. The combination of dicey structures and high yield credits resulted in two issues selling off badly in the secondary market and a third being pulled before pricing. Buyers and bankers alike called for the frenetic pace of issuance to slow.
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Ardagh, the Irish glass and metal packaging group, has increased its high yield bond by $150m to reach $1.6bn-equivalent in euros and dollars. But there was no compromise needed to get the bigger deal away — the coupons on the three tranches were the frequent issuer’s lowest ever.
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Singapore medical technology company Biosensors International made its debut in the public bond market at the start of the week, raising S$300m ($244.9m).
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Cerba European Lab, the French operator of clinical pathology laboratories in Europe, intends to sell €355m of senior secured high yield bonds in what would be its maiden issue. The bond is expected to be rated B2/B+/BB-.
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Odigeo, the online travel agency, hopes to sell €325m of senior secured bonds, in what would be its second high yield bond issue.
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The manic pace of issuance in Europe’s high yield bond market this week reminded specialists of the boom years of 2006 and 2007, writes Stefanie Linhardt — in both the bullishness of risk appetite and fears that the market might be overheating.