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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 high yield bonds of South African retailer Edcon tightened after the company announced the sale of its private label store credit card portfolio on Wednesday.
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Moody’s has downgraded Dometic, the Swedish maker of fridges for caravans, as its covenant headroom shrinks and deleveraging failed in 2011.
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Royal London Asset Management has hired Azhar Hussain as head of global high yield to expand its high yield investments.
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Banco Pine, the Brazilian corporate lender, made its debut appearance in the Swiss franc market on Wednesday when it announced a conditional bookbuild. Although domestic investors are seeking diversification opportunities away from Europe now more than ever before, Banco Pine’s sub-investment grade rating and Latin American roots might prove too much to swallow for the Swiss investor base amid heightened worries over Eurozone peripheral sovereigns.
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Spanish cable company Grupo Corporativo Ono sold a $310m high yield bond tap on Wednesday, showing that US investors will buy Spanish deals — though they exacted a high price.