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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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Thames Water refinancing battle is an unedifying mess
Embattled utility asks judge to approve £3bn lifeline as creditor groups keep fighting
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Investors already reeling from the growing impact of Covid-19 on markets had another thing to contend with on Monday — a collapse in the price of crude oil. Asian bonds and stock markets tanked in the aftermath, with debt bankers saying there was no reprieve in sight.
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Indian real estate developer Lodha Developers International offered investors a 14% yield to secure demand for its $200m bond, after being forced to widen pricing from initial guidance. -
Chinese property developer Jingrui Holdings made its first dollar outing of 2020 on Wednesday, raising $180m from the bond.
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Sinic Holdings (Group) Co and JY Grandmark Holdings made their debuts in the dollar bond market on Wednesday. Both issuers opted to use a 364-day tenor to get the deals done.
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LVGEM (China) Real Estate Investment Co raised $450m as part of a new money and exchange offer on Tuesday. The borrower opted for an exchange offer on its old 2020 bond as a way of reducing the impact of recent volatility.
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HSBC has made Mehmet Mazi global head of debt trading and financing, a newly created position. It comes after the departure of Elie El Hayek, a veteran of the bank who had run fixed income.
