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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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Moody’s 12-month trailing speculative grade default rate has fallen in Europe, the US and globally in November.
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The remarkable recovery in credit appetite in 2012 could hardly have been better illustrated than by this week’s $250m high yield issue for Fage, the Greek family-owned yoghurt maker.
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Nexans, the French cable manufacturer, sold €250m of long five year high yield bonds on Wednesday. The senior unsecured March 2018 notes came with a 4.375% yield.
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Sappi, the Austrian-South African paper maker, has bought back €23.53m of its 2014 high yield bond. The notes’ 11.75% coupon was the highest on any of its bonds.
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The past week’s biggest deal came last Friday, when telecoms investment company Altice sold $1.108bn of high yield bonds for its takeover of the remaining shares in Israeli telco HOT. The bond issue was twice increased by small amounts from the planned $1.09bn.
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Fage, the Greek yoghurt maker, sold its $250m tap of its 9.875% high yield bonds on Wednesday. The notes were priced at 101, in line with tightened guidance, to yield 9.618%. The notes were trading 5.5 percentage points higher by Thursday afternoon.