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US issuers and insurance companies could benefit as Moody’s relaxes parts of its approach
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As anxiety over mounting debt in the euro zone periphery and the US’s debt ceiling crisis further depressed credit markets on Tuesday, European high yield bonds suffered intraday swings of 30bp, as measured by the Markit iTraxx Crossover index.
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Volatile credit markets put pressure on high yield bond and credit default swap spreads on Tuesday, as fears about euro zone debt broadened.
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Despite the sharp increase in volatility in bond markets in the past few days, the Eu200m bond issued by US industrial packaging company Greif on Friday has traded up.
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Coditel, the Belgian cable TV, internet and terrestrial telephone provider, is braving choppy credit markets by launching a Eu260m high yield bond, rated B3/-/B+, through Morgan Stanley and ING.
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Brenntag, the German chemicals distribution group, priced Eu400m of seven year notes in line with tightened guidance on Friday, despite renewed volatility in credit and equity markets after a sell-off in Italian sovereign debt and much weaker than expected US non-farm payroll data. Meanwhile US industrial packaging company Greif also printed its Eu200m ten year high yield notes in line with guidance at par with a 7.375% coupon.
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Italian carmaker Fiat priced the first speculative grade bond in Europe for a fortnight on Tuesday, re-opening the gate for more high yield issuance in July. That evening, the shine was taken off by Moody’s downgrade of Portugal.