Junk-rated firms Smurfit Kappa and Thyssenkrupp were overwhelmed with demand whe...
) were overwhelmed with demand when they kicked off post-summer proceedings for the European high-yield market on Monday, as yield-starved investors piled into the new issues.
Packaging firm Smurfit Kappa caught the eye with its plans to sell 750 million euros of eight-year bonds at 1.5%, some of the lowest yields clocked in the European junk bond market for a new issue, particularly for one of such a long maturity. Investors have been forced down the credit spectrum in the past few months as expectations of a European Central Bank rate cuts and asset purchases have pushed a large chunk of the European bond market into negative-yielding territory.
“But certainly it sets down a marker for September, and it will be interesting to see what happens when you move from the crossover names to the lower-rated ones,” he added.
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