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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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India’s JSW Steel raised $500m in an opportunistic transaction on Wednesday, marking the company’s first dollar bond in two years. -
There is some evidence of investors in the European corporate bond market becoming more price-sensitive this week, with some books shrinking in response to spread tightening. But it is not enough to make hard-pressed investors feel relieved.
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Chinese internet data centre provider 21Vianet Group raised a $300m note on Tuesday after bondholders agreed to tender over half of an old $300m bond that will become puttable in a few months.
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After issuing a £500m seven year bond in March, Glencore repeated the performance, this time in the euro market. It issued a €500m 7.5 year bond that achieved a similar book size and price tightening. Telecom Italia also issued for the second time this year, after losing its Fitch investment grade rating on Friday.
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Three Chinese property companies battled in the primary market on Monday with competing supply. While high yield issuers have been able to sell bonds at ultra-tight prices of late, the weight of supply has started to force issuer’s to pay more to borrow.
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The executive chairman of Nomura’s Middle East and North Africa business is among those set to leave the firm as part of a big restructuring. Senior bankers in EMEA capital solutions and convertibles are at risk of redundancy
