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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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Ardagh, the Luxembourg-based Irish packaging company, has launched a $1.45bn equivalent high yield bond in euros and dollars to finance its planned acquisition of Verallia North America.
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Atalian, the French facilities management and cleaning company, opened high yield issuance for 2013 in Europe with an extremely successful debut transaction on Thursday.
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Europe’s high yield bond market broke into new territory this week as Fresenius, the German healthcare company that is one of its most prized issuers, priced a €500m 7.5 year bond at a coupon of just 2.875% — a level many investment grade companies would envy.
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Latin American borrowers re-entered the capital markets this week after a dormant first week of the year, led by Mexico (see above). Brazilian merchant bank BTG Pactual raised $1bn at what bankers said was a negative new issue premium.
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Kaisa Property and Country Garden Holdings opened the dollar bond market to Asian issuers last week, and bankers had little trouble generating blow-out demand for both issues — the two deals scored almost $28bn of demand between them.
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International Container Terminal Services International (ICTSI) brought the Philippines' first deal of 2013 on Wednesday. Its $300m 10 year deal was the tightest ever from a Philippine corporation and carried ICTSI’s lowest ever coupon.