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With US bankers and investors focused on giving thanks in this shortened week, only one high yield deal was priced, for Superior Energy.
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High yield investors sold Thomas Cook’s bonds heavily this week, after the UK travel company announced that it was renegotiating the terms of its loans with its lenders.
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Tikehau Investment Management, a Paris-based asset manager, is taking subscriptions for a new corporate bond fund that will be largely invested in European high yield bonds. The TK Rendement Fund 2016 will launch on December 7 and is expected to mature around December 31 2016. Target annualised net return is above 7%.
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US high yield borrowers relying on consumer spending could face difficulties in raising their revenues, according to a report by Standard & Poor’s, as it expects the US economic recovery to remain weak.
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Superior Energy sold the only high yield deal in the US so far in the shortened Thanksgiving week. The provider of oilfield services and equipment has priced an upsized $800m bond with a 10 year non-call five maturity and a coupon of 7.125% on Monday.
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High yield investors heavily sold Thomas Cook’s bonds after the company’s announcement that it is renegotiating the terms of its loans with its lenders.