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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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Corporate debt investors have the jitters, with fears over a potential wave of defaults and low levels of recovery expected to materialise following a trend towards covenants that offer them ever less protection spreading from the leveraged finance world to the wider market. -
China Evergrande Group raised $1.8bn in an unusual three-tranche deal on Tuesday that saw its chairman purchase $1bn of the notes as a show of support for the company.
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Oceanwide Holdings Co, a Chinese conglomerate but primarily a homebuilder, bagged a $215m bond on Monday, but not all the firms on the original syndicate team remained on the deal in the end.
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The leveraged finance new issue pipeline has slowed down in Europe. Market participants pointed to weak macroeconomic data, but also the recent alarms about weak covenants.
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Bonds from Chinese real estate developers were some of the worst performing in Asia last week, dragged down by the global volatility and fears around property companies’ refinancing needs.
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Hainan Airlines, a unit of embattled HNA Group, offered a generous 12% coupon for its $100m notes on Wednesday, reflecting the limited appeal among investors for the Chinese credit.
