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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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Europe’s junk bond investors were given a sharp reminder of the risks inherent in the market this week as deals from UK retailers widened amid concerns about their business outlooks. Electricals retailer Dixons issued a profit warning, while Matalan, a low cost clothing chain, was downgraded.
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Two European high yield borrowers were close to pricing deals on Thursday morning. Heidelberger Druckmaschinen and Thames Water are set to place Eu756m-worth of junk bonds, having finished roadshows on Thursday.
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Mexican cement maker Cemex issued $800m (Eu567m) of senior secured floating rate notes at 525bp above Libor on Tuesday evening, in one of the first drive-by high yield deals since Japan’s earthquake. Demand for the dollar portion of the note was such that the borrower decided against issuing a euro tranche.
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Mexican cement maker Cemex launched a euro and dollar high yield bond on Tuesday. The transaction, which could be priced later in the day, is the European high yield market’s first drive-by deal since the recent volatility caused by the Japanese earthquake, underscoring the high demand for junk-rated corporate paper.
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Luxemburg stainless steel firm Aperam’s $500m senior unsecured high yield bond, issued on Friday, was trading tighter on Monday.