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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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Well-known issuers in high yield this week were best placed to benefit from strong market conditions, driven by central bank easing, the return of tourist money to the market, and receding worries of geopolitical crisis.
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Ohio-based glass manufacturer Owens-Illinois (O-I) sold a euro-denominated green HY issue through BNP Paribas on Thursday, adding to the tiny clutch of leveraged credits to target deals at ESG-oriented investors — and locking in a storming result, with a size increase from €300m to €500m and pricing through the tight end of the initial range. -
Kaisa Group Holdings and Greenland Holding Group Co joined a slew of Chinese real estate companies to rush to the offshore market this week, using up the remainder of their regulatory quotas.
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Chinese borrowers that have previously ignored the euro bond market should reconsider. Recent deals show there are plenty of reasons for issuers to tap the European investor base.
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Six Chinese real estate issuers — mostly high yield — flooded the dollar bond market on Monday with one to four year tenor deals. Investment grade rated China Vanke Co, on the other hand, tapped the longer end of the curve with a dual-tranche issuance.
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Citi is leading a $2.215bn dual currency PIK toggle issue for packaging company Ardagh, refinancing existing PIK and PIK toggle issues after the firm span out its metal packaging business — and making it easier to sell shares in the tightly held group to the market.
