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High yield investors nibble at IG names, as credit investors brace for ‘trillions’ unlocked from money market funds
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International rating agencies have announced a slew of ratings downgrades or outlook changes for Asian companies as the Covid-19 outbreak puts pressure on their refinancing abilities. But DCM bankers and investors are expecting some good to come from these rapid changes. Morgan Davis reports. -
Chinese local government financing vehicle Taizhou Xinbinjiang Development Co navigated the volatile markets by opting for a club-style $219m international bond issuance.
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Private equity funds are considering how to support their portfolio companies with cash injections or rescue financings, with some sponsors turning to a select group of specialist buyers still willing to lend money against the right structure.
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Chinese real estate developer Xinhu Zhongbao Co sold a club-style dollar bond on Tuesday, becoming one of the few Asian issuers to have come to the market in recent days. While a pipeline of deals builds up, many are unwilling to launch transactions amid the volatility.
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Extraordinary support measures from central banks across the world include an element of corporate lending, but all the schemes announced so far target SMEs, and companies rated BBB- and above. That leaves a gaping hole in the rescue net, which the authorities must fill.
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These are testing times for corporations around the world as they find ways to navigate the impact of the Covid-19 pandemic on their businesses and debt profiles. Now more than ever, transparency from borrowers is absolutely key.
