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High yield bond investors in Europe are getting squeezed from both sides, as formerly regular visitors to the market hit investment grade status, and new acquisition financings hit the loan market rather than bonds. Schaeffler’s blow-out debut in the investment grade bond market on Tuesday took out €1.5bn equivalent of former HY product. -
Chinese property company KWG Group Holdings closed a $350m bond tap this week, coming to the market just a week before it was due to report earnings. That led to a sharp disagreement between bankers over the practice of launching deals during a blackout period. Morgan Davis reports.
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With many Asian companies readying their earnings in their respective blackout periods, a trickling of Chinese property bonds have kept debt investors busy.
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Schaeffler used its multi-tranche bond issue on Tuesday to retire old paper issued under high yield documentation, marking the full conversion of a former HY market stalwart into investment grade, but shrinking the universe of bonds held by European HY investors further.
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Bankers and investors are running out of superlatives to describe investor demand in Europe’s corporate bond market, as each deal seems to push further than the last into extreme territory.
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Chinese property company KWG Group Holdings doubled the size of an outstanding 2023 bond on Tuesday, grabbing another $350m from a tap as it used up its remaining offshore bond quota.
