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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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Thames Water refinancing battle is an unedifying mess
Embattled utility asks judge to approve £3bn lifeline as creditor groups keep fighting
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Corporate bond investors appear are casting about for ways to deploy cash despite clear signs of growing caution. But in the leveraged finance markets, everybody prefers to wait and see. -
Distribuidora Internacional de Alimentación, a recently downgraded Spanish discount food retailer that issued a profits warning last week, saw its outstanding bonds fall further in the secondary market despite providing a glimmer of good news.
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China Singyes Solar Technologies Holdings’ defaults last week have pressured the secondary performance of other new energy names as well as the overall Chinese high yield industrial sector, as the market braces itself for more non-payment situations.
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It was a good week for Netflix as its stock jumped by almost 10% after it released its third quarter results, but the company’s business model and overvalued stock makes it seem like a bubble trade.
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Debt buyers piled into the first high yield bond deal from UK supermarket chain Tesco, which increased its offering by half and reached investment grade pricing as order books swelled to eight times the initial benchmark size.
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Secondary spreads in corporate bonds have widened in October, somewhat in line with the sell-off in all global markets. US credit spreads have suffered more than European, but some investors don’t see the move as material, for now.
