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US issuers and insurance companies could benefit as Moody’s relaxes parts of its approach
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A wary US high yield market held off from printing any deals this week, as volatility on Tuesday “sent credit into a tailspin”, according to a high yield investor in New York. “Trading was down hard, on big volumes of over $6bn,” he said.
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High yield credit default swaps tightened again on Thursday, raising spirits in the market, though it remains closed. The Markit iTraxx Crossover index of 50 European high yield and crossover CDS closed at 812bp, 31bp inside Wednesday’s close and more than 60bp lower than its Tuesday close of 874bp, the highest this year.
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High yield credit default swaps tightened further today, raising spirits in the market - but it remains closed and bonds are under pressure from shorting traders.
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Energieversorgung Niederösterreich, the multi-utility based in Lower Austria, priced its long-awaited €300m bond on Thursday, as the buoyant tone in credit markets enabled the leads to overcome the obstacle of the deal’s small size.
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US merchant energy company NRG Energy cut its full year profits guidance on Monday, sending both its shares and bonds down.
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Even though issuance in the US high yield market is far below its average these days, it still makes European market participants envious.