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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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Price speculation and guidance is emerging for the two European high yield deals banks are trying to launch this week.
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Despite Tuesday’s heavy sell-off in equity and credit markets and the worst ever day of widening for the Markit iTraxx Crossover index, Faurecia still expects to close its €300m high yield deal on Friday.
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German airline Air Berlin sold a €100m three year bond on Friday and has launched a tender to buy back what remains outstanding of its out-of-the-money 2027 convertible bond.
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High yield issuance ended October on a buoyant note, as investors refused to be spooked by portents of the European debt crisis bailout unravelling, despite the Halloween season. Cablevision Systems and American Axle priced deals on the last day of the month, bringing October’s total to $9.24bn.
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Monday’s announcement of a roadshow for Com Hem, the Swedish cable TV and telecoms group being bought by BC Partners, suggests that the long hiatus in high yield bond issues to refinance LBOs could end in November.
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Swedish cable operator Com Hem is out this week marketing a euro bond to refinance its senior unsecured hung bridge loan, following up on the privately placed Swedish krona deal that it sold last week to refinance the senior secured bridge. The new issue being marketed now is the first triple-C bond since Capsugel’s Caa1/B rated issue in July.