Polygon Global Partners LLP, a money manager overseeing $10 billion, will focus mostly on European companies as it starts raising its first fund to invest in distressed assets.
Corporate defaults have risen in Europe and may climb further because of economic and political uncertainty, deteriorating growth and looming debt maturities, Standard & Poor’s said in a report.
Corporate defaults may almost double in Europe as companies struggle to refinance debt and banks hoard cash borrowed from the European Central Bank or use it to buy government bonds.
Sales of U.K. corporate bonds will increase as companies seek alternatives to financing from banks facing new rules on lending limits, according to Standard & Poor’s.
Snowstorms and freezing temperatures disrupted travel across Europe as airports from London to Amsterdam halted flights and Eurostar Group Ltd. said train cancelations are likely to continue over the weekend.
Snowstorms and freezing temperatures are disrupting travel across Europe for a fifth day as airports cancel flights and train operators limit services.
Higher interest rates and refinancing risks will likely prompt a “second wave of defaults” in Europe in 2012 and 2013, particularly among leveraged buyouts, according to Standard & Poor’s.
Davide Campari-Milano SpA, the Milan-based distiller, sold its first bonds in three years amid renewed investor demand for debt from Europe’s most indebted countries.
U.K. motor fuel prices advanced to a record this week after the government raised duties and domestic output fell, adding pressure to the nation’s inflation target.
"A notable feature of recent defaults is the high proportion of companies defaulting for a second or third time."
- Paul Watters on Sep 12, 2013