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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 European high yield bond activity still sluggish after the summer’s volatility, market participants are wondering which issuers may provide some deals over the next few weeks.
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A week after US aluminium maker Alcoa kicked off the reporting season for US companies, quarterly reports from European companies are now also beginning to show how the last few months’ market turmoil and economic uncertainty has affected them. On Friday it was the turn of Ziggo, the Dutch provider of broadband internet and telephony, and its bonds rose on the news.
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Emdeon, a US processor of healthcare transactions, raised $375m of unsecured bonds on Friday, having cut short the planned roadshow. The deal is the first LBO-linked bond to be sold for several weeks.
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Greece’s Yioula Glassworks missed a deadline to repay a €15m bank loan from Piraeus Bank and thus defaulted, according to Standard & Poor’s, although the loan’s maturity has subsequently been extended until the end of this year.
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Two opportunistic issuers pressed into the European high yield market this week — both bonds were rather small and unconventional.