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High yield investors nibble at IG names, as credit investors brace for ‘trillions’ unlocked from money market funds
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ThyssenKrupp Elevator (TKE) is a deal of superlatives: the largest European high yield debut, the largest European LBO in over a decade, the last LBO before coronavirus, the most levered debut industrial, and the worst-ever covenant package — or at least, it was at first. Three days after launching the bond leg of the deal, the sponsors and leads capitulated, erasing almost every controversial term in the docs — perhaps the largest ever retreat and the biggest investor victory in the long-running war over bond covenants. But it’s too soon for investors to celebrate, as the episode only highlights how damaging this conflict has become. -
Lead banks on ThyssenKrupp Elevator’s landmark financing announced a sweeping set of amendments to a covenant package initially described as the "worst ever" seen in European high yield, rowing back in almost every sponsor-friendly area. The move is a major victory for bondholders that hoped the coronavirus crisis would reset the balance of power themselves and sponsors.
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Specialist transmission manufacturer Renk is marketing a high yield bond offering this week, testing the market’s capacity for companies in cyclical sectors — though marketing for the five year issue leans heavily on the company’s stable military and servicing contracts.
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A handful of Indian financial institutions have become the latest fallen angels, as pressure on the country’s economy and firms’ asset quality rises.
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Indonesian property bonds have taken a hit in the secondary market, following growing concerns that Modernland Realty will default on a bond due in July.
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Asif Sherani and Souhail Mahjour are taking on additional responsibilities in HSBC’s debt capital markets syndicate team.
