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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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Private equity firms discovered a new source of financing for their Asian leveraged buyouts this week, after Hyva International revealed plans for a $375m bond to finance its acquisition by Unitas Capital and NWS Holdings — and put a loan already in senior syndication on ice.
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The ending of the earnings blackout period continued to drive borrowers into Europe’s high yield market on Thursday, as debut issuer Moto Finance and Spain’s Obrascon Huarte Lain lined up deals.
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Grohe issued a Eu500m junk bond on Tuesday afternoon — the first senior secured floating rate note in the European high yield market since 2007. The kitchen and bathroom furnisher initially targeted Eu400m, to fund a tender of that size for its Eu800m FRN due in 2014.
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While interest rates have been at record lows, Europe’s junk bond market has thrived. But Jean-Claude Trichet’s hint of an imminent rise should not cause investors to retreat. There are still plenty of reasons to buy high yield paper.
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Several European high yield bonds are due to be launched in the next few days, lifting the market after last week’s thin supply. A Eu400m floating rate note from Grohe kicked off the week on Tuesday, while a first time issue from the UK’s Moto will be sold towards the end of the week.
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Grohe, a German bathroom and kitchen furnisher, launched a Eu400m junk bond on Monday as several other high yield European companies lined up deals.