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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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Corporate default rates are expected to decline towards the end of this year after peaking in the next few months, but the number of borrowers facing a plunge into junk ratings is near a record high. Lenders say that they are taking a pragmatic view on the companies in their loan portfolios to try and prevent defaults. -
UK broadband company TalkTalk sold an add-on to its existing high yield notes this week, raising new term debt to pay down its revolver. The company is subject to a takeover bid from Toscafund and Penta Capital, which will leave its existing bonds in place, but grant them security, as well as layering in extra leverage with a PIK toggle from Ares.
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Hellman & Friedman refinanced the capital structure of portfolio company TeamSystem this week as it moved ownership between funds. H&F recently completed a similar transfer of its Verisure holding but, unlike that switch, this move isn’t accompanied by a monster dividend payment to the new fund, although the TeamSystem deal still boosts leverage.
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Trafigura returned to the bond market in euros this week, having been absent since 2015. The commodities trading giant is diversifying its access to funding and is also producing its debut Schuldschein issue alongside the €400m bond.
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Biogroup’s debut in the high yield bond market has become one of the tightest ever triple-C rated issues, validating the former loan-only company’s decision to turn to public markets to add subordination to the refinancing of its capital structure.
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A bond for French jewellery store operator Thom Group showed that investors can digest debt from lesser loved sectors like retail, though the decision to opt for bonds to refinance its existing loan capital structure might have been prompted by the greater taste for adventure typically seen in the public market.
