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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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Crédit Agricole CIB has appointed Pierre-Francois Martineau as a managing director in the bank’s new leveraged and telecom finance group (LTFG) in Paris. -
Two near-investment grade industrials made a splash in the high yield bond market on Monday, with both Smurfit Kappa and Thyssenkrupp getting their order books oversubscribed multiple times.
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Companies could be stopped from picking their favourite jurisdiction for restructurings, if a crucial ruling over the fate of troubled heat exchanger firm Galapagos SA goes in favour of a group of high yield bondholders.
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Troubled airline Norwegian Air Shuttle has offered high yield bondholders security over its take-off and landing rights at London’s Gatwick Airport, in exchange for agreeing to extend the maturity of the debt.
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Existing shareholders were shown no mercy as Thomas Cook’s creditors and Chinese conglomerate Fosun reached an initial £900m agreement to recapitalise the company and divide up the assets. The creditors get most of the healthier airline business, while Fosun takes the bulk of the declining package holiday business.
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Europe’s patchwork of insolvency laws gives canny corporates and creditors the chance to pick the jurisdiction they want to use. That leads to absurd outcomes — and the sooner it ends, the better.
