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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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Naftogaz did itself few favours this week with its farcical approach to repaying holders of its $1.6bn Eurobond. When Ukraine’s state owned oil and gas company missed its bond payment on September 30, it risked more than a few irate investors.
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Credit Suisse’s leveraged finance business has come under harsh scrutiny from the US Federal Reserve. The bank has received an especially stern letter from the financial regulator, but market participants say most institutions have been criticised severely for their risky lending practices. -
The high yield new issue market is in tatters after a month of uninterrupted turmoil in both the primary and secondary markets. It should have been one of the busiest months of the year but most banks active in European leveraged finance have judged it anywhere from undesirable to impossible to launch high yield bond transactions, as they hunker down and wait for a return to more favourable conditions, writes Olivier Holmey.
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Ukrainian state-run oil and gas company Naftogaz has confirmed the repayment of its $1.6bn eurobond after failing to meet its September 30 deadline. While the delay did not come as a surprise to many, bondholders were left with sweaty palms on Wednesday and whispers of default did not do the country’s capital market standing any favours.
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Seven Energy made a successful comeback in testing conditions on Thursday. While it certainly paid for the privilege, having already secured strong anchor orders before proceeding, the trade signals that the miserable high yield market may be improving.
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Guggenheim Securities has bought the European brokerage arm of Lazard Capital Markets, in a move which signals the start of the broker-dealer’s European expansion plans. The new entity will be branded Guggenheim Securities International.
