Gästebuch

24.05.2017 - Kristie (http://accord-children.org/index.php?option=com_kunena&view=topic&catid=9&id=144406&Itemid=158)
By Laura Benitez and Gus Trompiz LONDON, Nov 14 (IFR) - Commodity giant Louis Dreyfus Company is expected to test investor appetite for riskier credits this week against a torrid market backdrop, courtesy of the brutal sell-off in government bonds that has followed Donald Trump's US election win. The European bond market has been shaken in recent days, with the 10-year German Bund yield rising to its highest level since January, and participants expect execution to be more challenged.

The delicate backdrop could make things tricky for the unrated company, which concluded investor meetings last week ahead of a potential bond deal. "The company is struggling with operating profits, their leverage is deteriorating, and there's no indication that things will get better in the near term," one investor who attended the London leg of the meetings last week said. Investor feedback for an expected 300m five-year trade is in range of mid to high 4%, for timing as soon as this week.

"It would have to have a 5% handle on it for us to be interested. The credit is an acquired taste, it's off-index and tricky and it's more like high-yield than investment-grade," the investor said. Louis Dreyfus's 4% December 2020 bond was bid at 401bp over mid-swaps on Monday morning, according to Tradeweb.

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