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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
Sponsors under pressure from investors to return cash but are finding it harder to offload companies
Convertible debt worth $48bn was issued last year in rare bright spot for corporate fundraising
Credit spread with US triple C issuers is highest since 2009
‘Risk-on’ wave of cash brings overall ETF monthly flows to the second-highest ever recorded
Bond issuance by US and European firms surges as market becomes more confident of interest rate cuts next year
Domestic buyers attracted by offshore bonds’ high yields and belief in implicit guarantee by Beijing
Once again, optimism is everywhere
Inflows into corporate bond funds on track for highest total since July 2020
Easy money has not bred the undead
Companies, including Carvana, are turning to form of restructuring to preserve cash
Wider GFG Alliance has struggled to borrow since the collapse of its main lender Greensill Capital in 2021
How dangerous is higher for longer?
Rapid increases in borrowing costs prompt concerns about more defaults on $13tn of debt, but companies are finding new ways to survive
Many investors are beginning to buy low-risk government securities
Corporate bond and loan issuance on course for quietest October since 2011
The advice last year to jump into fixed income was bad and it still makes little sense
Spreads on euro-denominated junk bonds rise to widest levels since 2016
IPOs and bond issuance revive after recent run-up in commodity prices
KKR’s PetVet is latest to turn to direct lenders as $3bn loans approach maturity
Demand for Worldpay and Syneos Health bonds and loans shows ‘hunger for new supply in high-yield’
At the sector level, at least, and relative to historical medians. (The index seems fine)
UK Edition
