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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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Obrascón Huarte Lain, the Spanish construction company and high yield borrower, faces a political review of its €500m Canalejas project in Madrid, but the high yield market has so far reacted well to the news. -
The eurozone’s angst over Greece slowed down the high yield market this week, with only two deals priced. The second of these was Worldwide Flight Services’s €225m unsecured bond.
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Bank of America Merrill Lynch has irked some investors, by planning to cut emerging market issuers out of its high yield bond indices, after some big issuers like Petrobras and Gazprom were downgraded into the indices.
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A default by Greece would shut the European high yield market — but not for long, market participants agree. And some of them say the market could cope better with that sudden shock than with endless uncertainty.
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New York-listed Nord Anglia, the international schools operator, sold a Sfr200m secured high yield bond on Thursday. It had to trim the size, but was able to hold out against pressure to widen pricing.
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Asia ex-Japan's primary dollar bond market was paralysed this week by the twin terrors of a Federal Open Market Committee meeting and an escalation of concern about the Greek economy. The market's usual June exuberance was nowhere to be seen, and many bankers are not expecting activity to resurface until next month at the earliest, writes Narae Kim.
