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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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Sappi, the Austrian-South African paper maker, has bought back €23.53m of its 2014 high yield bond. The notes’ 11.75% coupon were the highest on any of its bonds.
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Nexans, the French cable manufacturer, began a roadshow in Paris today for what could be its second high yield bond issue.
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Titan Cement, the Athens-listed building materials maker, has set the coupon on its exchange offer. Investors exchanging some of Titan’s €200m 6.9% July 2013 notes will receive new January 2017 notes with an 8.75% coupon.
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KraussMaffei, the German maker of plastic processing equipment bought by Onex, sold its debut high yield bond on Monday. The €325m of eight year bonds were priced with a coupon of 8.75% at par.
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Altice, the telecoms investment company, sold $1.108bn of high yield bonds for its takeover of HOT on Friday. The bond issue was twice increased from the initially planned $1.09bn.