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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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European investors demonstrated voracious appetite for high yield debt this week, with a Eu2.25bn deal from Kabel BW — the biggest junk bond this year — closing five times oversubscribed on Wednesday. A £430m transaction from Phones4U was also easily covered.
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Supply from first-time European high yield borrowers looks unlikely to abate for the time being, bankers said this week. Two companies expected to issue debut deals in the coming weeks are Spanish travel firm Amadeus and Dutch soft drinks maker Refresco.
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Japanese telecoms company eAccess and Belgian nappy maker Ontex priced heavily oversubscribed high yield deals on Thursday, with junk bond investors showing no signs of indigestion following Kabel BW and Phones-4U’s transactions of Eu2.25bn and £430m just a few hours earlier.
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Chinese property came back on the menu with a flourish this week, with two issuers rushing to take advantage of buoyant market conditions. Debt bankers now think there could be several more deals to follow — and judging by this week’s trade, there will be plenty of appetite for the sector.
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Japanese telecoms company eAccess and Belgian nappy maker Ontex are set to price high yield bonds on Thursday, both deals having been heavily oversubscribed, according to bankers.