By Matt Tracy (Reuters) - U.S. junk-bond offerings have spiked in recent weeks on the back of strong demand from investors looking to boost their ...
By Matt Tracy - U.S. junk-bond offerings have spiked in recent weeks on the back of strong demand from investors looking to boost their returns buying the risky yet high-yielding debt. ButBy Matt Tracy
Twelve high-yield issuers have raised $9.6 billion this week, making it the busiest week since November 2021, according to JPMorgan. Of this, some 55% comprised bonds secured by a company's assets. According to rating agency Fitch, junk debt defaults are expected to reach 4.5% of all outstanding U.S. junk debt by the end of 2023, up from 2.8% in July.
"Now we're seeing new deals actually have relatively strong covenants ," he added, pointing to greater restrictions on things like dividend payments or investments. "All-in yields are, on a historical basis, quite attractive [as is] the ability to push back on the margin on covenants and other structural terms," he added.
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