Nerves of steel

Spreads on high-yield companies have come under pressure following the recent turbulence in the credit market. But despite a rise in the cost of financing for high-yield names, Keith Nichols, corporate treasurer of Anglo-Dutch steelmaker Corus, says his company has already met its funding requirements for the coming year. By Hann Ho

The debt investors and shareholders of Corus must have developed nerves of steel in the past five years. The Anglo-Dutch company has seen its share price see-saw dramatically over the past few years, while the recent volatility in the credit markets has injected fresh doubts into the minds of high-yield investors. But despite the widening in credit spreads, the steelmaker has met its funding needs for the coming year, having taken advantage of the strong appetite for high-yield bonds at the end