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High-yield market had ground to a halt following collapse of Silicon Valley Bank
After a roaring start to the year, a downturn in March shows that risk appetites are clearly inhibited
Trend of using expensive high-yield bonds to refinance the disappearing supply of bank loans has begun
Investment grade and high-yield funds had combined outflows of $8.3bn in February
On the sacred and the mundane
Investors who bought the Italian utility’s bonds are getting a handsome return
For now . . . .
Lower demand for risky corporate debt could threaten companies’ ability to refinance
Rates look like they are nearing a top and yields will ease next year
Yes yes yes we know… but?
Investors nibble on debt of companies less exposed to economic slowdown but avoid riskier groups
Net inflows of $111.5bn were triple that of September and the highest since March
Deep discounts to offload bonds and loans in software maker’s LBO cost banks $600mn
Deal reflects difficulties raising funds as the economy turns and interest rates climb
Promise of high returns lures nervous investors to €350mn deal from Italy’s biggest gambling company
Is the market reflecting optimism about the economy? Or something else?
Low demand for bonds and loans is Wall Street ‘canary’ as inflation risks rock capital markets
Wall Street lenders expected to generate significant losses after agreeing to fund deal before economic slowdown
Rate rises and recession fears lift costs for riskier borrowers
Amount of debt trading at distressed levels tumbles at unprecedented pace
Truckmaker borrows €500mn, a rare case of raising funds at a time when deals have dried up far beyond the summer norm
US telecom company’s market worth has fallen to under $100mn, squashed by $3bn of debt
Companies abandon plans to issue debt at the last minute as investors demand higher returns