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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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Pfleiderer, a German manufacturer of wood products, has filed for insolvency after a restructuring plan it agreed in June 2011 failed. The company issued a €275m hybrid perpetual bond through Barclays and Royal Bank of Scotland in 2007.
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The executive board of Praktiker, the struggling German DIY retailer, is debating whether to change its restructuring plans after investors rejected its request to cut the coupon on its high yield bond to 1%. The other course of action it might take is to ask investors to vote again on the coupon cut — which would only need a 25% approval rate.
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The US high yield bond market’s winning streak ended last week, when mutual funds investing in the asset class reported net outflows for the first time in 19 weeks.
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Agrokor, the Croatian food producer, distributor and retailer, has chopped its roadshow short and plans to price its €300m-€400m seven year non-call three high yield bond on Friday.
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With little new high yield paper having been issued in Europe since credit markets got the jitters again in March, bankers are hoping for stability to bring some refinancing candidates to the market.
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Ineos, the chemicals group now domiciled in Switzerland, is circling the high yield market as it begins to refinance its entire senior credit facility with $3.6bn of new loans and bonds.