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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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Philippine toll road operator Coastal Road Corp was talking to investors on Thursday ahead of a $165m bond that has struggled through the execution process. But bankers hoped that after changing the structure of the deal earlier in the week they would get the demand to close the issue.
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KCA Deutag, owned by the UK oil services company Abbot Group, this week postponed pricing its planned $500m eight year debut bond after receiving a disappointing response from European investors. The company is now in talks with its senior lenders to restructure its debt.
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It was the turn of high yield issuers to take advantage of low funding costs in the US corporate bond market this week following last week’s glut of investment grade issuance, after the Federal Reserve re-stated its commitment to low interest rates and extended its monetary stimulus measures. Top-notch credits also had their moment, though: Johnson & Johnson broke McDonald’s record for the lowest coupon ever achieved by a US corporate for a 10 year bond late on Thursday as EuroWeek went to press.
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