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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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Three Chinese real estate developers braved a volatile market on Thursday, raising $800m as fears around the coronavirus continued to ravage secondary prices. -
Leveraged finance investors are no shrinking violets, and held out longer than most against the rising pessimism caused by the coronavirus. But by Thursday, it was even giving high yield and leveraged loan players a sinking feeling.
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Workers of the world’s capital markets united this week in efforts to keep the funding flowing as the threat of the Covid-19 coronavirus advances. Roadshows, mandate pitches and even quotidian office life faced emergency changes as embattled financiers braced themselves and their businesses for virus disruption.
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Executives working on the $411m resale of Teekay Offshore Partners bonds by Brookfield, the Canadian asset manager, have slowed their work on the deal this week as high yield market conditions worsened amid growing concern about the coronavirus outbreak.
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Chinese local government financing vehicle Xi'an Qujiang Culture Holdings Co raised $300m from a three year bond sale on Wednesday.
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High yield and leveraged loan spreads have widened in the last few days, as news of the coronavirus outbreak has worsened. But neither that, nor new figures from Moody's showing downgrades outnumbering upgrades, is putting off investors long used to hanging on through gritty conditions. Chemical producer Inovyn managed to complete a €1.064bn loan amend-and-extend on Tuesday.
