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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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Chemicals group Ineos has firmed up its plans to issue high yield bonds as part of a $3.6bn refinancing. Today it announced a $2.2bn deal of senior secured, eight year non-call three notes on Friday.
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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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Rexel added $100m of December 2019 notes on Monday to its $400m 6.125% bond issued on March 21.
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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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Rexel, the French electrical equipment supplier, wants to raise $100m by tapping its $400m 6.125% December 2019 bond, issued at the end of March.
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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.