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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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Between sleeping and waking, there is a middle phase: you realise it’s time to get up, but can’t quite bear to admit you need to get out of bed. London’s debt capital markets teams are in that zone. Brexit’s alarm has sounded, but few are eager to haul themselves into the cold air of Frankfurt or Paris.
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After another volatile week, during which primary issuance went from hero to zero and the secondary market tumbled, Asian bond bankers are preparing for what they hope will be a busy last few weeks of the year — possibly until the very last working day of 2018, writes Addison Gong. -
The US Federal Reserve has been raising rates for nearly three years now and was tapering its quantitative easing for two years before that. Meanwhile the European Central Bank was still cutting its rates and only in 2018 did it start tapering its quantitative easing. However, the change in the ECB’s policy may mean we see growth converging rather than diverging and it is something investors are already considering.
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Huachen Energy Co’s dollar bonds recovered slightly after the Chinese company said it will not default on its $500m notes, despite skipping a coupon payment and failing to repay an onshore loan.
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Atlantica Yield, the UK-based energy yieldco that was formerly Abengoa Yield, abandoned a $300m eight year high yield bond issue on Tuesday, as yields in the market reached their highest for over two years.
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Spreads on Chinese property dollar bonds felt the impact of heavy supply on Monday when three companies, Times China Holdings, Greenland Holding Group and China Evergrande Group, brought new issues to the market.
