Bond issue documentation shows UK utility under pressure over high financing costs
If there is a company worthy of handling a low credit rating it may be the Greek yoghurt maker
Fed cuts and robust economy spur ‘tremendous demand’ for US credit
Use of payment-in-kind loan terms is growing as companies struggle with heavy leverage and high interest rates
Voice 🤜🤛 electronic
Company backed by investors including Clayton, Dubilier & Rice and Hellman & Friedman prepares €4.4bn dividend
High yield debt is becoming more investment grade
Heavy inflows in August are the latest sign of a comeback for fixed income in a cooling economy
More than $66bn has poured into fixed-income funds since start of July
Investors withdrew $2.5bn during market plunge on fears of economic slowdown and lower coupons if interest rates fall
Hello uptiers, trapdoors, dropdowns, and double dips
And changing its nature in the process
Loss of investment-grade status for utility’s safer debt could increase regulatory scrutiny and flood high yield market with bonds
Gap between borrowing costs of most and least risky debt widens as traders fret over impact of high US interest rates
Borrowers benefit from equivalent of two Fed rate cuts as demand for debt booms
American companies issue €30bn in euro-denominated bonds as investor demand for European corporate debt grows
Dozens of sales raise tens of billions of dollars this week amid feverish investor demand
Tape, measured
Low-rated sovereigns are borrowing again, but restructurings are still . . . weird
Demand to lock in yields helps push spreads on high-yield bonds close to their tightest level since 2007
Pimco’s inflows are already almost equal to its 2023 total
European investors opt for junk bond ETFs in home markets over US for first time since 2019
Having failed to make it, more firms may try to fake it
Debt with rock-bottom triple C ratings has missed out on a broader rally
RIP bond kings
