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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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Iron Mountain, Bormioli and Constellium revved up the engines of the European high yield market with new deals announced on Tuesday that pushed overall issuance so far this year closer to 2014’s all-time €84bn high. -
Overseas Chinese Town (OCT) managed to capture the last window before China’s Golden Week holiday to price a $800m senior perpetual bond. Malaysia’s Yinson Holdings had a similar idea, selling a $100m perp.
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Lionbridge Capital Co made a triumphant return to the dollar bond market on Thursday, closing a $160m deal it was forced to cancel earlier this year. But the market was not open to all-comers — Nan Hai Corp cancelled a mooted deal.
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The debt restructuring saga at Norwegian paper company Norske Skog took a sharp turn this week wherein a breakthrough with senior investors was quickly waylaid by a group, claiming to represent more than half of the company’s unsecured creditors, rejecting the latest proposal.
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High yield bond investors have warned that the market is at risk of a substantial erosion in terms, with some even claiming that a cornerstone of judging a company’s financial health — earnings before interest, tax, depreciation and amortisation (Ebitda) — is in danger of becoming a meaningless number.
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The debt restructuring saga at Norwegian paper company Norske Skog has taken another sharp turn a day after seemingly reaching a breakthrough with investors, after a group claiming to represent more than half of the company’s unsecured creditors rejected the latest proposal.
