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  • A Deutsche Bank-led sale for an automotive and industrial battery maker raised eyebrows last week when it was restructured due to an apparent lack of investor demand even in a supply starved, yield-hungry environment.
  • A researcher and a banker warned investors to stay away from high-yield bonds, with the researcher going so far as to criticize some of his firm's recent deals.
  • The European market is seeing a proliferation of subtly differentiated alternatives to traditional bonds, which is making it more attractive to borrowers, said sell-siders.
  • Senior distressed pros at hedge fund titans D.E. Shaw & Co. and Satellite Asset Management are forming their own shops, according to Alternative Investment News, an LMW sister publication.
  • Euromoney hosted its inaugural High-Yield Debt Symposium in London last week, with roughly 50 buysiders, sellsiders, lawyers and rating agency officials in attendance.
  • Eagle Asset Management is looking to move its 5% corporate overweight to industrials from financials as it expects banks and brokers will underperform in a rising-rate environment.
  • Evergreen Investments may reverse its barbelled strategy in Treasuries and buy back the intermediate parts of the curve should the 2s/10s curve stabilize at 50 basis points, which may signal the end of curve flattening.
  • A huge untapped issuer base of about 1,500 unlisted middle-market companies in Germany each with over €250 million in revenues could transform the European high-yield market--if only bankers could convince them to issue bonds.
  • Japanese banks are playing a bigger role in the U.S. loan market by lending directly through their own braches in America and by investing in collateralized loan obligations and managed accounts.
  • GoldenTree Asset Management is exploring new strategies as the New York-based manager deals with a low volatility market and too much capital chasing assets.
  • GoldenTree Asset Management is in the process of liquidating $1.2 billion in high-yield bonds as part of a broader strategy to focus on absolute return investing and exit the long-only separate accounts business.
  • A typical second lien bank loan is secured by a lien on substantially all of the borrower's assets.