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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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Chinese developer Agile Property Holdings generated big demand on its return to the international bond market after a two year absence this week, raising $700m as it took advantage of increasing appetite for high yield debt.
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Australian iron ore miner Fortescue Metals Group, a frequent issuer in the high yield market, raised a $2bn senior unsecured bond on Wednesday. The issue was doubled from a planned $1bn of notes in two tranches.
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German fruit gum and liquorice maker Katjes has raised €15m by tapping its domestic bond on Wednesday.
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Spanish construction firm Obrascón Huarte Lain launched a drive-by high yield bond on Thursday, hoping to raise €300m. It has also launched a tender offer for its 2015 bond.
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Novasep, the French supplier of ingredients to the biotech industry, has achieved all necessary conditions for its proposal to restructure its high yield bonds. The news follows Italian directories group Seat Pagine Gialle’s success last week in obtaining consent for its restructuring.
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The Financial Services Authority has fined Nicholas Kyprios, Credit Suisse’s head of European credit sales, £210,000 for “improper market conduct”. He disclosed client confidential information ahead of a bond issue in November 2009.