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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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Primary activity is slowly creeping back into the US high yield market. Two bonds were launched this week to refinance leveraged buyout bridge loans, after bankers were encouraged by the secondary market firming up.
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Kinetic Concepts, the US maker of wound dressings, will issue euro-denominated bonds to support its $6.3bn buyout by Apax Partners. If the deal comes to market soon, it could be the first high yield bond in euros from a company that has been through an LBO since Bormioli Rocco’s deal on July 27.
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Fresenius Medical Care struck again today, with a €100m five year senior floating rate note, launched and priced on Monday morning.
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HeidelbergCement returned to the bond market today with a Sfr100m (€121m) bond issue, having sold €300m of senior high yield bonds two and a half weeks ago. The Swiss franc deal priced with a 7.25% coupon at the tight end of the 7.25%-7.5% guidance.
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London-based asset manager Northill Capital has set up Goldbridge Capital Partners, a new European credit asset manager specialising in high yield and distressed debt. The fund has up to $100m of cash on hand.
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Arrangers of at least two of the five hung high yield bridge loans in Europe are talking to US mezzanine funds about reducing — or wiping out entirely — the debt they will have to refinance with public high yield bonds. According to market participants, at least three US funds are involved in the discussions.