Positive yields ahoy! Investors hoover up European junk bond issues [Reuters (UK)]
SMURFIT KAPPA GROUP ADR (SMFKY)
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Source: Reuters
Positive yields ahoy! Investors hoover up European junk bond issues - Reuters 4 Min Read LONDON (Reuters) - Junk-rated firms Smurfit Kappa ( SKG.I ) and Thyssenkrupp ( TKAG.DE ) 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. With much of the European bond market now in negative-yielding territory, investors are being forced down the credit spectrum - allowing the likes of Smurfit Kappa and Thyssenkrupp to price deals at levels rarely seen before. Packaging firm Smurfit Kappa caught the eye with its plans to sell 750 million euros ($835.80 million) 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. The company was able to achieve this on the back of a 3.9 billion euro order book - allowing it to upsize from the original 500 million euro target. German
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