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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 stress in the US high yield bond market was apparent yesterday when Stillwater Mining withdrew its planned $300m five year bond offer, due to adverse market conditions, it said in a statement. Only in the morning, bookrunner Deutsche Bank had circulated price guidance in the 10.5% area for the planned senior unsecured notes.
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The United States is where the high yield action is. While three bonds are expected to be priced on Monday, the market is dominated by Kodak, which saw its bonds plunge in the secondary market after the company drew down $160m of its credit line on Friday.
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While the new issue market in European high yield has been dry for two months — with the exception of Fresenius Medical Care’s €684m-equivalent issue on September 8 — the US is still printing deals.
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European paper makers face tougher trading conditions despite a recovery in volumes in the European paper and forest products industry in 2011, Moody’s said in a special comment on Tuesday.
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With the mainstream European high yield bond market effectively closed again, in spite of Fresenius Medical Care’s successful €400m and $400m issue on September 8, German company Albis Leasing is hoping to revive the domestic retail market for smaller companies.