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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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Maoye International Holdings did not manage to price its debut dim sum bond this week despite leaving books open for four days. Bankers away from the trade suggest that one of the reasons the deal failed was because it didn’t secure an anchor account, raising questions about the reliance on these investors in high yield offshore renminbi bonds, writes Virginia Furness. -
Cabot Financial, the UK distressed consumer debt collector, is marketing its third high yield bond. The Gbp175m of senior secured seven year notes will replace a bridge loan signed to finance Cabot’s takeover of peer Marlin Financial Group.
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Caribbean telecoms company Digicel sold $1bn of eight year non-call three bonds on Wednesday in a deal run off the leads’ US high yield desks as it looks to buy back up to $775m of existing debt.
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Italian telecoms firm Wind Telecomunicazioni has asked its lenders to loosen its covenants so that it can raise up to €800m to refinance payment-in-kind notes issued by its parent company, Wind Acquisition Finance.
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Almirall and iGate, the two issuers in the market with high yield bond transactions in Europe, have released price guidance.
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Crossover credits ArcelorMittal and Fiat took advantage of a strong market to sell five and seven year euro benchmark bonds on Tuesday.
