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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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Germany’s HeidelbergCement returned to the European high yield market on Wednesday with a €200m tap of the €300m bond it launched in September.
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Actelion, the speculative grade rated Swiss pharmaceutical company, has issued Sfr210m (€170m) of senior unsecured 2015 bonds with a 4.875% coupon in a domestic issue on Tuesday.
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Spanish cable company Ono is on a non-deal roadshow in the US, while Polkomtel, the Polish telecoms group going through an LBO, is meeting US investors to educate them about the company. The moves underline a trend of European high yield issuers seeking to sell dollar bonds in the US, as a way out of Europe’s troubled market.
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Germany’s HeidelbergCement returned to the European high yield market today with a €200m tap of its €300m 9.5% December 2018 bond.
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Actelion, the speculative grade rated Swiss pharmaceutical company, has issued Sfr210m (€170m) of senior unsecured 2015 bonds with a 4.875% coupon in a domestic issue today.
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The global corporate default rate for speculative grade issuers edged 10bp higher to 1.9% in October, according to Moody’s. This is far below last year’s global rate of 3.8% in October. For the end of the year Moody’s forecasts another fall to 1.4%.