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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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Milanese pharmaceutical firm Recordati was out with its CVC buyout funding this week — a €1.3bn bond, in a European high yield market that has mostly ignored Italy’s political fights. But on Thursday, volatility went global and investors started pressing for concessions. Recordati went ahead regardless, and priced on guidance. -
China Fortune Land Development Co added $70m to its existing 2020 bonds in a quick tap this week.
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Investors in speculative grade debt are joining the discussion about the potential conflict over fiscal policies between Italy and the European Commission. But the leveraged finance markets are still keeping busy.
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Corporate bond markets have enjoyed a good run since returning from the summer break. But for the first time since then, an external problem is causing turbulence. The Italian budget has become a live factor in market participation for buyers.
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Robust investor demand and reverse enquiry propelled Maoye International Holdings to make a rapid comeback to the bond market with a tap of its September issuance.
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The European high yield market appeared unfazed by the spike in Italian risk despite its heavy exposure, with calm secondary trading and Italian names daring to roadshow for new bonds.
