LevFin Wrap — From Maxima to minima, 888 holds for holiday
- Ben Hoskin
- +Kat Hidalgo
And we’re back. Another slow week in primary, against a painful risk-off backdrop, squashed any hopes that supply might return in earnest. Maxima, a BB+ MTN issuer, took all week just to send out price talk before downsizing, and 888 Holdings pushed its debt syndication to next week.
There’s been plenty of talk about how poor H1 has been for various asset classes. Here’s the jam in European high yield: crossover has blown out 338 bps, investors have yanked ~$9bn out of European HY funds, and instruments tracked by 9fin are down 14 points on average.