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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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The remarkable story of Annington Homes, the estate of 57,000 UK Ministry of Defence homes bought by Nomura in 1996, took a fresh twist this week when the assets were refinanced with a highly ambitious £550m high yield bond, writes Stefanie Linhardt.
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Care UK, the British care home operator, sold its £75m of additional 2017 notes on Friday November 16. The tap was priced at the tight end of guidance at 106.25 with a yield to worst of 7.765%.
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The pipeline of high yield bond issues in Europe continues to swell, as only four weeks remain in which to issue before Christmas. Two transactions were sold this week, despite reduced US investor attention due to Thursday’s Thanksgiving holiday.
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Shipping company China Cosco Holdings will finish a three day roadshow on Friday, ahead of a planned international dollar bond. But investors are becoming increasingly picky as the end of the year approaches, and while bankers think a guarantee from Bank of China will ensure plain sailing for the 10 year deal, some investors are not so sure.
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Ciech, the Polish speciality chemicals company, sold its first international high yield bond on Wednesday. The transaction attracted strong demand, allowing bookrunners Credit Suisse (billing and delivering) and Barclays to increase the bond by €20m to €245m.
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Metsäliito Cooperative, parent company of the Metsä Group, a Finnish wood and paper producer, launched a €150m bond today that was increased to €175m.