Unsecured Deals Return to Dominate HY

Sheahan, Matthew
September 2010
High Yield Report;9/20/2010, Vol. 21 Issue 38, p25
This article reports on the dominance of unsecured deals in the junk bond market in 2010. As of September 15, Zayo Group's 10.25% senior secured notes due 2017 was the only one secured in deals priced on the high yield primary market. Lawyer Adam Cohen explains that a return to unsecured issuance is a sign that investors are lowering their guard again. It cites Ford Motor Credit's drive-by deal as an example of an unsecured deal. Most of the leveraged loan and high yield bonds issued in 2010 has been aimed at refinancing, says Moody's Investors Service.


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