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...This exposure has increased by £800mn over the past year, which the company told the Financial Times was primarily because of the “inflation indexing” of the bonds it has insured....
...The price of Altice France’s unsecured bonds fell more than 20 percentage points during the bondholder call, to trade at less than half their face value....
...The £1.3bn of so-called class B debt, which is still inside the ringfence but has a lower-ranking claim on the company’s cash flows, could be hit with even deeper 35-40 per cent impairments....
...Send me your thoughts: robert.armstrong@ft.com. Can spreads ever be too tight? To the extent that markets people are worried about an overheated market, their concerns are focused on US stocks....
...Traders are marking a riskier £250mn “class B” bond at little over 60 pence in the pound....
...The move to raise $500m in art-backed securities comes at a moment of deep distrust of Drahi in the bond market, however....
...Email us: robert.armstrong@ft.com and ethan.wu@ft.com. Friday interview: Harley Bassman Almost all of what fixed-income options traders do on Wall Street today, Harley Bassman did first....
...That is in line with current market expectations given that a default at Kemble earlier this month sent the price of a second-ranking “Class B” bond plunging to little over half of its face value....
...BondBloxx has rolled out three ETFs that offer exposure to triple B rated corporate bonds....
...That’s why this new paper from Stephen Choi, Mitu Gulati, Ugo Panizza, Robert Scott and Mark Weidemaier caught our eye....
...Email us: robert.armstrong@ft.com and ethan.wu@ft.com....
...If you’ve looked deep into the bond market’s eyes and seen its soul, email us: robert.armstrong@ft.com and ethan.wu@ft.com....
...Kemble’s £400mn bonds are trading at little over 15 per cent of their face value, indicating debt investors are braced for a near-total wipeout....
...The bonds were issued by Kemble Water Finance, which sits above the nearly £15bn of debt at the Thames Water utility companies that should be unaffected by the move....
...Email us: robert.armstrong@ft.com and ethan.wu@ft.com. The inflation narrative could flip fast Jay Powell is worried about inflation again....
...Until the recent Kenya deal, the “green-shoot” issuance observed to date has come from credits that have long traded well below the average yields of the B-rated bucket of the [JPMorgan dollar EM bond index...
...Most investors buy utilities for their dividend yields, as a bond substitute. But since the pandemic began, bond yields have risen, and utilities’ yields have not....
...If El Salvador fails to get at least two upgrades to a rating of B, which is five steps below investment grade, or strike a deal for a loan package with the IMF by October 2025, those coupon payments will...
...So money that did go into high yield went into higher quality, including double-B bonds....
...Let us know who you would like to hear from on future Fridays: robert.armstrong@ft.com and ethan.wu@ft.com....
...We know how to compute the yield to maturity on bonds....
...The investors owned additional tier 1 bonds, or AT1s, a form of bank debt that can be converted into equity or written down when a bank runs into trouble....
...Email Robert at robert.shrimsley@ft.com Follow @FTMag to find out about our latest stories first and subscribe to our podcast Life and Art wherever you listen...
...cent is much healthier than a market with a T-bond rate of 1.5 per cent....
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