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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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Last week’s tap of a KWG Group Holdings dollar bond triggered a debate between bankers about what makes for good market practice. The issuer may be an established and reputable one, but the tap was priced with the borrower still in an earnings blackout. If this sort of timing were to take hold, the Asian issuers as a whole will struggle to build a globally diversified investor base. -
Dollar bonds in Asia followed the US markets’ end to last week by trading lower. Nonetheless, the continent’s investment grade issuers are looking to print with many high yield issuers still emerging from earnings blackouts.
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Chinese property company Cifi Holdings raised $255m from a tightly priced bond sale, rushing to the market after an upgrade by S&P Global Ratings on Monday.
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Local government financing vehicle (LGFV) Chengdu Economic and Technological Development Zone State-Owned Assets Investment doubled the size of a 2022 bond on Thursday, while another Chinese issuer Zhongtai Financial International walked away with $200m from a sub-one year note.
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Capital market specialists are good at living with radical uncertainty. Just as banks and investors carried on calmly trading US Treasuries through successive debt ceiling crises, they are now displaying similar sangfroid about Brexit.
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Nomura strengthens special situations team — JP Morgan’s Orssten retires — Gamekeeper goes back to being poacher at Rand
