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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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SNF is the first European high yield issuer to announce a new transaction in October. The French specialty chemicals company plans to raise €250m of unsecured June 2020 notes to repay outstanding debt.
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Agrokor, the Croatian food and beverage producer and retailer, is on track to issue its first dollar bond on Friday September 28. The company released guidance on Thursday for a minimum $300m seven year bond in the 9% area and a €250m tranche in the 9.25% area.
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Algeco Scotsman, a company owned by TDR Capital that supplies portable storage units, has released price guidance for its €1.725bn-equivalent high yield bond issue in euros and dollars. The deal will be heavily weighted to the US — only €250m of senior secured bonds and €200m of unsecured notes will be sold in euros.
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After September’s flood of European high yield issuance, market participants expect 2012 to break last year’s record deal volume.
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Fewer than three weeks after its Sfr180m bond issue, Orange Switzerland returned to the European high yield market on Monday. This time, the Swiss telecoms company raised €155m of February 2020 subordinated notes to pay a dividend to its owner, Apax.
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The European corporate speculative grade default rate rose to 5.3% at the end of the second quarter, from 4.7% at the end of the first, Standard & Poor’s said this week.