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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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Evonik’s spun-off Carbon Black pigments business raised Eu600m in euros and dollars with its seven year high yield bond on Friday, despite rough conditions in the market.
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Two high yield issuers in the German-speaking countries braved the volatile market with small deals this week. Germany’s Maschinenfabrik Spaichingen is ready to open books next week, while Austria’s Wienerberger has already printed Eu100m.
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Recovery expectations for senior secured bonds are falling, according to Standard & Poor’s latest report on leveraged finance. The agency has attached a recovery rating of 4, the lowest it has ever assigned to senior secured bonds, to 57% of issuance so far this year, more than double the figure for 2010. In 2009, only 11% fell into this category.
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Reyl Asset Management has hired Cédric Daras from Métropole Gestion in Paris to strengthen its fixed income team in Geneva. Daras joined Reyl on May 16 and reports to Stéphane Decrauzat, head of Reyl Asset Management’s fixed income team.
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Austrian brickmaker Wienerberger released price talk for its retail bond, which will be at least Eu100m, at 235bp-245bp over mid-swaps on Tuesday.