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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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The debt restructuring at China’s Peking University Founder Group is set to be a test case for offshore bonds backed by keepwell agreements, a structure often favoured by many mainland borrowers. The outcome of the restructuring looks set to influence the use of keepwell structures ─ and how these deals price. -
Virgin Media announced its fourth high yield deal this month on Wednesday, tapping last week’s sterling vendor finance notes and adding a dollar tranche as well, with Deutsche Bank and Credit Suisse back in the driving seat.
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Chinese real estate companies China Fortune Land Development and Ronshine China Holdings raised a combined $550m in the bond market on Tuesday, but their tight pricing did not appeal to all investors.
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Central China Real Estate and Greenland Holding Group Co raised a combined $900m in the international debt market on Monday.
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Carton manufacturer SIG Combibloc is preparing to refinance its capital structure with a dual-tranche three and five year bond, moving to an unsecured debt package as it targets an eventual investment grade rating.
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Virgin Media is in the market with its third high yield deal in a week, which will clear the way for its merger with O2 by redeeming existing bonds with obstructive covenants in place preventing the telecoms group from reorganising its capital structure. That means a big payday for bondholders in the notes due 2022, who will be paid the make-whole premium for early redemption.
