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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
Embattled utility makes final plea for court to sanction £3bn in emergency funding
Thames Water refinancing battle is an unedifying mess
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Asia’s bond markets are firmly shut, and few bankers or investors are willing to bet on when they will open again. That places a premium on the ability of bookrunners to sniff out small pockets of demand — and shows issuers where the real skill lies.
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US high yield investors bought $1.25bn of bonds on Tuesday, issued by Hospital Corporation of America, which issued a record deal in July, and crossover Newfield Exploration.
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If Fresenius Medical Care reopened the European high yield bond market on September 8, the intervening three weeks without deals meant it needed reopening again today. HeidelbergCement did just that, with a €300m bond that was executed swiftly today, without warning.
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The closure of Europe’s high yield market — now being echoed in the US — is blocking up the whole leveraged buy-out process. However bullish private equity funds are, their debt providers are bearish — and that means dealflow will slump.
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Two deals priced, one pulled – that is the summary of Monday’s US high yield activity – while Tuesday was on track for another deal for Hospital Corporation of America. At the end of July HCA sold the largest high yield bond since the credit crisis, an extraordinary deal that began as $1bn and ended as $5bn.
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The stress in the US high yield bond market was apparent yesterday when Stillwater Mining withdrew its planned $300m five year bond offer, due to adverse market conditions, it said in a statement. Only in the morning, bookrunner Deutsche Bank had circulated price guidance in the 10.5% area for the planned senior unsecured notes.