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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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Philippine toll road operator Coastal Road Corp was talking to investors on Thursday ahead of a $165m bond that has struggled through the execution process. But bankers hoped that after changing the structure of the deal earlier in the week they would get the demand to close the issue.
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It was the turn of high yield issuers to take advantage of low funding costs in the US corporate bond market this week following last week’s glut of investment grade issuance, after the Federal Reserve re-stated its commitment to low interest rates and extended its monetary stimulus measures. Top-notch credits also had their moment, though: Johnson & Johnson broke McDonald’s record for the lowest coupon ever achieved by a US corporate for a 10 year bond late on Thursday as EuroWeek went to press.
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Olam International raised $250m in the international bond market at the end of last week, but not before offering private banks a rebate to participate in a deal that some market participants criticised as pricing too tight.
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China Oriental Group, the iron and steel company, and KWG Property Holding, the Chinese developer, turned to the 144a market to raise money in the middle of the week. The vastly different receptions to the bonds showed the growing fatigue with Chinese property bonds — and the strong appetite that remains for other high yield issuers from the country.
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