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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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Things are looking a little brighter for Europe's high yield bondholders in their efforts to convince issuers that they deserve equal voting rights to bank lenders. Schaeffler, the German mechanical engineering group and automotive supplier, launched on Friday Europe's first senior secured bond to give debtholders their much-sought "one euro, one vote" enforcement rights.
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TMD Friction Finance has bought back €20.05m of its 2017 10.75% senior secured bonds. The notes were repurchased in a change of control offer made in accordance with the indenture covering the notes, the company said in a statement.
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Even without the flow of European deals, the US high yield market is booming.
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Insolvency proceedings are under way at Petroplus, the Swiss oil refiner which defaulted on $1.6bn of high yield bonds and $150m convertibles on Tuesday.
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High yield supply returned to the Latin American debt markets this week with a pair of deals pricing and at least three entering the swelling pipeline.
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