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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 largest mezzanine deal of 2011 has provided an unexpected opportunity for lenders to a major European LBO, although high yield bond and leveraged loan players dispute how much potential the previously dormant market might offer the nearly €5bn of further hung bridges seeking refinancing.
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Global high yield funds have lost close to $2.3bn over the past four business days, according to EPFR Global, suggesting a recovery in high yield is still further off. On Thursday and Friday alone, outflows were just shy of $1bn per day, said Cameron Brandt, director of markets research at EPFR.
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Li Keqiang, Vice Premier of the People’s Republic of China, gave debt bankers plenty of reason for excitement on Wednesday: announcing a number of long-awaited schemes that would help develop the offshore renminbi market, including the creation of mini-QFII licenses. But the devil is in the detail, and analysts are wary of getting too excited by what are still rather vague pledges.
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European credit CDS indices were tighter on Wednesday, with the cost of insuring against default falling about 15bp in the sub-investment grade space. The Markit iTraxx Crossover retreated below the 600bp mark to 586.5bp at 3pm London time.
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Virgin Media’s bonds rose slightly on Tuesday after the announcement the previous day that it would sell its 50% stake in UKTV to US broadcaster Scripps Networks Interactive. Virgin Media's £350m 8.875% 2019 issue was trading at 107.25, compared to 107.16 on Monday, while its 2018 £875m 7% notes also traded tighter, at 105.41 compared to 105.30.