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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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Asia's bond market is gearing up for a more positive week following marginal improvement in the backdrop. Investment grade rated Bank of Rakyat Indonesia kicked off a new issuance on Monday, with more transactions expected to follow. -
The euro high yield bond pipeline brought five deals to the market this week, as secondary yield spreads and payoff expectations tightened, partially reversing recent trends.
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Agile Group Holdings printed a smaller-than-expected $200m bond on Wednesday, struggling to source demand in spite of a generous yield, raising questions about the timing of the transaction.
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Ronshine China Holdings reopened a 2021 bond on Tuesday, adding $225m to a three year puttable line sealed in January this year. The deal is the latest in a series of capital raising exercises designed to ease the firm’s refinancing burden.
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Norwegian car parts manufacturer Kongsberg Automotive is refinancing loans in the high yield market with a deal that offers investors the biggest double-B coupon seen since April.
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The quality of Asian high yield bond covenants dropped to an all-time low in the last quarter. Chinese property developers, making the most of a buoyant market, have been cited as the biggest cause. But as the region’s primary bond market continues to struggle, it’s unclear if that push for looser standards can continue.
