Latest news with #highyieldbonds
Bloomberg
44 minutes ago
- Business
- Bloomberg
Goldman Sachs Shops High-Yield Debt Deal for Gray Media
Save Goldman Sachs Group Inc. is leading a potential transaction for Gray Media Inc. to help the company refinance some of its existing debt, according to people with knowledge of the matter. The broadcaster is seeking to raise at least $750 million in the high-yield bond market, said the people, who asked not to be identified discussing private information.
Bloomberg
15 hours ago
- Business
- Bloomberg
Junkiest Sale in Year Shows Extent of Europe's Credit Rally
Flora Food Group BV is the first issuer in Europe rated one of the lowest levels of junk to sell bonds in nearly a year, a sign of investors' insatiable appetite for risk. The KKR Inc. -backed maker of Flora and Country Crock spreads priced €400 million ($471 million) of senior unsecured notes on Monday, a deal designed partly to refinance existing debt. The deal's yield of 8.625% is about four percentage points lower than an index of similar-rated bonds, and the sale, from books opening to pricing, was completed in the same day. That's fast for the high-yield market.
Reuters
2 days ago
- Business
- Reuters
ICE index exclusion likely to slow Warner Bros $14.3 billion bonds move to junk portfolios
June 30 (Reuters) - A total $14.3 billion of media giant Warner Bros Discovery's (WBD.O), opens new tab bonds' move to their new home in high-yield bond portfolios will likely be slowed by a recently announced exclusion from a major index, said a BofA Global Research report. ICE Data Indices said on Thursday it would postpone including Warner Bros recently downgraded bonds on its ICE BofA High Yield Index (.MERH0A0), opens new tab, one of the major indices tracking U.S. junk-rated corporate bonds, until at least August, said BofA Global analysts in a report on Friday. The delay was because ICE was reevaluating its inclusion criteria after a debt buyback by Warner Bros earlier this month, said the report. This delayed inclusion could prevent some investors buying the Warner Bros' bonds from those seeking to sell them out of their portfolios that had only high-grade debt, the analysts wrote in the report. The Warner Bros debt is expected to make up a little over 1% of the ICE BofA High Yield Index upon its eventual inclusion, the analysts said, adding that some 35% of high-yield bond portfolios are benchmarked to ICE. A pause in trading of Warner Bros' bonds from June 11 to June 25, following the company's announced split-up into two separate publicly-traded companies and debt buyback, will also likely contribute to a delay in trading interest, the BofA analysts noted. "This pause, combined with the index exclusion, could make it difficult for HY investors to buy near term, even as IG investors potentially look to sell following the rating agency downgrades in June," the analysts wrote. ICE counterpart Bloomberg, however, is expected to include the Warner Bros bonds in its own junk bond index next month, according to the BofA report. BofA said credit spreads, or the premium paid by companies over Treasuries, on 4.279% March 2032 bonds tightened 20 to 25 basis points in anticipation of being bought by high-yield accounts, but that this could be partially reversed. Intercontinental Exchange, which owns ICE Data Indices, did not immediately return a request for comment. Warner Bros also did not immediately return a comment.
Reuters
5 days ago
- Business
- Reuters
Global equity funds see outflows for second straight week
June 27 (Reuters) - Global equity funds saw money outflows for a second straight week in the seven days to June 25 as investors booked profits near record market highs and turned cautious ahead of key U.S. economic output and inflation reports. Investors divested a net $20.87 billion worth of global equity funds during the week, the most for a week since March 19, data from LSEG Lipper showed. The MSCI World Index (.MIWD00000PUS), opens new tab reached 911.56 on Friday, hitting a new record for the fourth successive day on optimism over a ceasefire between Israel and Iran. U.S. equity funds saw a net $20.48 billion worth of outflows, the largest weekly withdrawal in three months. European funds also registered a net $2.61 billion worth of outflows, while Asian funds attracted about $857 million, the first weekly inflow in three weeks. The global sectoral funds segment saw about $2.56 billion in net outflows during the week, with investors ending four weeks of buying. They withdrew a net $2.67 billion from the technology sector, the most since March 12. In contrast, the industrial sector attracted a net $1 billion, the 11th weekly inflow in a row. At the same time, demand for debt funds cooled to a nine-week low, with inflows at a net $4.69 billion during the week. Investors hunted for yield as they pumped $4.45 billion into high-yield bond funds, the most for a week since October 2024. Global money market funds saw a third consecutive week of outflows as a net $10.62 billion was withdrawn. Gold and precious metals commodity funds attracted money for a fifth successive week, with a net $1.67 billion of inflows. The energy segment also saw a net $375 million of inflows. In emerging markets, bond funds attracted $2.67 billion in a ninth consecutive week of net inflows. Equity funds, however, saw a net $1.11 billion of outflows, data for a combined 29,677 funds showed.
Bloomberg
17-06-2025
- Business
- Bloomberg
Easterly High-Yield Muni Fund Plunges Nearly 50% in Sales Dump
Easterly Funds' high-yield municipal-bond fund has dropped almost 50% since Friday as the portfolio unloaded illiquid securities from the riskiest part of the muni market, according to people familiar with the matter. The Easterly RocMuni High Income Municipal Bond Fund net-asset value fell to $3.16 on Monday from $6.15 on Friday morning. Its assets have declined to about $67 million from about $245 million at the end of February.
