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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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BNP Paribas is combining its primary and secondary activities in US credit markets under a new Global Credit Markets Americas division, with a new head of leveraged finance joining from Deutsche Bank to bolster the firm’s offering. -
Some fund managers and underwriters are gearing up to keep Europe’s high yield market open during August, as borrowers show more willingness to bring new paper during a traditionally quiet month.
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High yield issuers have steered clear of the primary Asian bond market in recent weeks, but a tap by Agile Group Holdings at the end of last week showed there is still some demand for lower rated names.
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Agile Group Holdings snapped up $400m from a tap on Thursday, with investors’ response sending a strong signal to the high yield market, according to bankers.
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Concerns from some fund managers about the terms of Altice’s new €2.5bn-equivalent bond were swamped by orders from other investors eager to bag single-B paper with a big coupon from a core high yield issuer. After a series of successful investor push-backs on deal terms, the debt laden French telecom proved this week that borrowers still can walk away with loose covenants, writes Victor Jimenez.
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CLO equity investor Eagle Point Credit Management has filed documents with the Securities Exchange Commission to set up a new closed-end CLO debt fund that will target double-B rated tranches.
