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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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Corporate bond spreads widened in the fourth quarter of 2018, adding to the overall negative returns the asset class provided investors with over the year. However, with spreads now back at levels not seen since 2016, investors are considering increasing their allocations to the sector once more. -
Mongolian Mortgage Corp (MIK) showed that investors have the appetite to take on frontier market risk, raising a larger-than-expected $250m from an issuance that was months in the making.
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China Evergrande Group hit its size goal of $3bn with a tap of three of its existing bonds, a strategic decision by the property developer. But the issuance dented its secondary curve as noteholders fled to the juicier new transaction.
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AC Energy raised $225m from the first public green dollar bond from the Philippines, a deal in line with its renewable energy-related ambitions.
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Five high yield bond issues were launched in the US on Tuesday, and at least a couple more are expected on Wednesday and Thursday - fruit of the sharp turnround in sentiment in the past fortnight. This is lifting the spirits of bankers in London, who are finding it very hard to encourage issuers into the market.
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Asia’s offshore bond market has had a strong start to the year, moving past the doom and gloom that ended 2018. But there are already signs that the difficult conditions that defined last year may only be around the corner.
