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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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With a large number of European high yield issuers going into blackout this week, bankers expect very few deals. All the better, then, for those that have already got their results out, like listed French car parts maker Faurecia, which was able to soak up demand with a €140m tap that was more than five times covered.
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BNY Mellon’s investment boutique, Newton, has hired Sebastien Poulin as a high yield analyst in London. Poulin reports to Parmeshwar Chadha, lead manager for more than £1bn of assets in high yield bond positions.
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Pictet Asset Management has announced the launch of a new short term European high yield fund. The Pictet-EUR Short Term High Yield fund is Luxembourg-based and UCITS compliant and was registered in the UK on February 10.
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Ireland’s largest utility, the Electricity Supply Board (ESB) could be set to launch its euro debut after a series of investor update meetings. Deutsche Bank, Royal Bank of Scotland and Société Générale are arranging the meetings in France, Germany, England and Scotland with a view to look at accessing financing through the bond market in the near to mid-term.
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German diversified holding company Franz Haniel & Cie announced the buyback of €215.613m of its €1bn 6.75% 2014 high yield bonds on Friday.
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High yield bankers welcomed the successful sales of triple-C rated deals for Securitas Direct and Polkomtel, as a sign of returning risk appetite in the market.