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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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The European leveraged finance primary market has been idling this week, with less than €1bn of paper on offer. Backstage, however, things have been buzzing.
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The volatility and widening of corporate bond spreads in Europe since February has led many bankers to comment that the balance of power has shifted from issuers to investors. Investors, however, suggest otherwise.
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House of Fraser, the department store chain, has joined the trail of UK high yield retailers that have turned to company voluntary arrangements (CVAs) to deal with financial difficulties. But this time, the borrower has also found a new owner, a development its 11% shareholder Sports Direct is threatening to block in court.
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After four years away from the high yield market, UK North Sea operator Ithaca Energy was back with a bond refinancing deal this week, as European oil and gas issuance runs well ahead of last year’s pace.
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There is an eerie silence in Asia’s high yield bond market. Issuers have pressed the pause button as they reflect on a nosedive in the secondary market and rising fears about investors hoarding cash.
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A handful of Chinese investment grade rated state-owned companies are gauging investor appetite for new deals amid a weak market backdrop.