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High Yield Bonds

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The Chinese government has seized control of Anbang Insurance Group, the formerly staid insurance conglomerate with a murky leadership structure that in recent years has amassed billions in debt through a global acquisition...more

European leveraged debt lifts off: The future for European leveraged debt

by White & Case LLP on

Economies are strengthening and the outlook is probably the best it has been in 10 years, but there can be no room for complacency in the debt market. The momentum is set to continue into 2018, although the dynamics could...more

European leveraged debt lifts off: Leveraged debt storms back in 2017

by White & Case LLP on

Leveraged loan value outstripped 2016 level by €131.3 billion in 2017 • Value of high yield bonds has surpassed 2016 by 32 percent • Refinancing and repricing drive the market • Leveraged loans continue primacy over...more

Leveraged Finance Update - May 2017

by Hogan Lovells on

The search for yield continues...Techniques honed in the more mature US leveraged finance market continue to be imported into European deals and then across to the APAC markets, requiring skillful reworking in some cases to...more

Proskauer’s 2017 Global High-Yield Bond Study

by Proskauer Rose LLP on

Proskauer’s Leveraged Finance Group has released its 2017 Global High-Yield Bond Study, which provides dealmakers, issuers and investors with an in-depth look at deal terms and trends in the high-yield bond market. The...more

Setting the right agenda for TLBs

by White & Case LLP on

European Leveraged Finance Alert Series: Issue 4 - As cov-lite/cov-loose TLB enjoys its time in the spotlight in 2017, sponsors, borrowers, banks and advisors continue to focus on the key areas to consider when planning...more

High yield bond to IPO—a natural progression

by White & Case LLP on

European Leveraged Finance Alert Series: Issue 3 - The steps taken in a high yield bond issuance can be leveraged as a company considers an IPO. Below is a road map for high yield bond issuers contemplating an initial...more

Ten things to consider when you do a leveraged finance deal in Germany

by White & Case LLP on

European Leveraged Finance Alert Series: Issue 2 - As forecasted in our 30 January 2017 publication "European leveraged debt fights back," we expect 2017 to be a year where high yield bonds and covenant light "term loan...more

European leveraged debt fights back: Despite a tough year, leveraged debt is facing up to challenges with renewed resilience

by White & Case LLP on

A new era for leveraged debt in 2017 - What to expect for the international financial markets in 2017? If 2016 is any guide, perhaps the mantra should be “expect the unexpected.” For every dire prediction we read...more

The future of European leveraged debt: While fears of another downturn loom, the European financial markets have innovated,...

by White & Case LLP on

Leveraged debt markets in Europe have shown resilience this year. However, with so many factors up in the air in 2017—from politics to interest rates, regulations and investor sentiment—the question remains whether this will...more

The leveraged debt boom post-Brexit - Covenant lite deals becoming the new normal in Europe

by White & Case LLP on

HEADLINES: ? Cov-lite deals becoming the new normal in Europe ? Payment-in kind notes' return signifies the return of a hot market and low margins ? US company high yield bond and leveraged loan issuance in Europe...more

European leveraged debt - 2016 in review: Refinancing rules debt as issuers look to take advantage of circumstances

by White & Case LLP on

HEADLINES: ? Issuance improves in Europe after Q1 slump ? US issuance also sees post-Brexit bounce, but still down year-on-year ? Refinancing rules debt as issuers look to take advantage of circumstances ? Slow...more

French restructurings: Could a 'high yield' noteholder block a safeguard procedure?

by DLA Piper on

The issuance of international bond debt, aka high yield notes, has been a very popular financing option for French companies for the last few years, whether it was to finance their industrial investments or to fund an LBO...more

Greater Choice in Liability Management and Bond Restructurings

by Latham & Watkins LLP on

Liability management exercises (“LMEs”) are increasing in the bond and capital market and are often used in relatively benign situations. They are certainly not always a precursor to a full-scale restructuring or insolvency....more

Junk Bond Fund Failure Challenges Industry

by Carlton Fields on

The December failure and ongoing liquidation of the Third Avenue Focused Credit Fund (TAFCF) provides potential ammunition to significant financial services industry players who believe mutual funds and investment managers...more

The Continued Migration of US Covenant-Lite Structures into the European Leveraged Loan Market

by Latham & Watkins LLP on

At the start of 2016, global sponsors and their advisers are the US leveraged loan and global bond markets to the European leveraged loan market. Healthy investor appetite over the last several years means attractive terms...more

Leveraged debt: The year in review

by White & Case LLP on

If 2014 got pulses racing in the high yield debt and leveraged loan markets, 2015 came as something of a reality check. In the first nine months of 2014, combined issuance in these two debt instruments had already surpassed...more

Evolution and alternatives in the market - While fears of another downturn loom, the European financial markets have innovated,...

by White & Case LLP on

Following the collapse of Lehman Brothers and the period that followed, the markets have more understanding of the credit risk spectrum. This includes jurisdictional risk, available restructuring options and the complexity...more

A reset for debt in 2015?

by White & Case LLP on

At the beginning of 2015, it was believed that the high yield bond and leveraged loan markets would continue at the levels seen in 2014. Issuance had peaked and terms were loosening. Indeed, the first quarter started...more

Somewhere over Africa: When Eurobonds and high yield bonds meet - New issuers and investors are driving growth and change in...

by White & Case LLP on

In 2015, two simultaneous market trends are developing across emerging markets: (1) The emergence of the international capital markets as a primary funding source for African issuers (sovereign and corporate) across the...more

Distressed Download - October 2015

Recent EU Insolvency Regulation - The EC Regulations on Insolvency Proceedings (the "EIR") came into force throughout the European Union (the "EU") (except Denmark) on May 31, 2002 with the purpose of setting out the...more

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