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Sustainability-linked bond had to cope with tariff and German debt news
Disruptive US economic policy has not yet dented credit appetite
High yield investors nibble at IG names, as credit investors brace for ‘trillions’ unlocked from money market funds
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After weeks of slim pickings in high yield and leveraged loan capital markets, Monday brought a flood of new issue announcements, with MasMovil’s take-private loan, a multi-currency loan from cruise company Carnival, AMS’s bridge for the takeover of Osram, an add-on for IFCO, and a high yield debut in the morning. But that was all hors d'oeuvres to the main course: the long-awaited ThyssenKrupp Elevator bridge in the afternoon. -
German PVC window and door maker Profine was marketing its debut in the wholesale capital markets with a bond issue on Monday, after exploring options for a unitranche loan to refinance its main loan facility with Commerzbank, which matures at the end of the year.
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Oil company Hilong Holding has defaulted on a dollar bond that matured on Monday, after failing to drum up enough support for an exchange offer that was extended multiple times.
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Philippine fast food operator Jollibee Foods Corp made a quick return to the dollar market on Thursday, attracting investors to its dual-tranche bond despite the impact the coronavirus has had on its business.
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Deutsche gives Toomey position as head of new group — Gimpel leaves Citi, has fintech idea — Moelis hires Whelchel for private capital team
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Warner Music Group issued a dual currency refi on Tuesday and Wednesday, taking advantage of a US Federal Reserve-fuelled market to lock in tighter pricing and a maturity extension. The deal comes hot on the heels of its IPO, planned before the coronavirus pandemic struck but executed only last week.
