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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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The European high yield primary market looks dire, just a week after HeidelbergCement issued its €300m 9.5% seven year bond. The Markit iTraxx Crossover rose to another high yesterday, making new issues even more unlikely.
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Arrangers of at least two of the five hung high yield bridge loans in Europe are talking to at least three US mezzanine funds about reducing — or wiping out entirely — the debt they will have to refinance in the public high yield bond markets.
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Rumours that American Airlines would file for bankruptcy caused the bonds of its parent, AMR Corp, to plunge on Monday, though the company vehemently denied the reports.
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Eastman Kodak’s share and bond prices took another hit on Monday, after the company was pushed to comment on rumours that it would have to file for Chapter 11.
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Pramerica Fixed Income, a branch of the US insurance company Prudential Financial, has expanded in London with two newly created positions: Caroline Ardant Bernard as a principal and specialist in European leveraged finance and high yield bonds, and Tim Whyman as a vice-president and portfolio manager for emerging markets debt. They started last month.
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Concerns over economic growth and the European debt crisis are depressing the high yield bond market, not only in Europe, but in the homeland of high yield bonds, the US.