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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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Europe’s high yield market made a very strong start to the September issuance season, with four deals in a week, totalling €1.34bn equivalent. Several were impressive successes, including Unitymedia, the German cable operator, which sold €650m of 10 year bonds on Wednesday — €250m more than planned — and at its tightest ever coupon.
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Unitymedia took advantage of favourable market conditions on Wednesday, when the iTraxx came in by 12bp intraday, to launch a €400m 10 year bond, rated Ba3/BB-.
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Wells Fargo-owned ECM Asset Management is attempting to overcome the inconsistency of deal flow in leveraged loans and high yield bonds by combining both products into one fund.
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Renault, the French carmaker, sold an increased €600m five year bond at a tight price on Monday. The Ba1/BB+/BB+ rated issuer priced its bonds with a 4.625% coupon at 99.861.
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