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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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Frozen food retailer Picard Surgelés this week issued a Eu38m payment in kind note in the first European issue of that type in 2010. However, the deal does not indicate that these high risk deals are returning to the broader market.
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A controversial Eu500m bond from Alcatel Lucent on Thursday evening, the first from the fallen angel credit in 14 months, took this year’s strong European high yield sales to Eu40.9bn. The French telecom equipment supplier issued five year unsecured notes to take out part of the Eu1bn convertible bond it launched in September 2009.
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Taylor Wimpey, the UK house builder, managed to get a £250m high yield bond offer away on Thursday afternoon, but the bookrunners admitted that the deteriorating credit environment had forced the issuer to pay up to get the deal done.