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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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Bway, the US container maker, is including €475m of euro bonds in the leveraged financing for its $1bn acquisition of rival Industrial Container Services, in a sign of the increasing attractiveness of euro high yield markets.
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Speciality chemicals maker Synthomer and hotel group Radisson Hospitality began roadshows for debut high yield bond offerings in the European market this week, undaunted by recent investor pushback. Meanwhile, Smurfit Kappa, the packaging group, added LBO funding to the high yield pipeline.
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Chu Kong Petroleum and Natural Gas Steel Pipe Holdings has entered into a standstill period for a $72m bond that was due earlier this year.
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China's Zhenro Properties Group opted for a slightly unusual bookbuilding process for its debut public dollar transaction, paying a yield of 11.5% for a two year bond.
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DBS's Singapore-based syndicate banker Cleaven Yu is set to head up a new debt capital markets origination team in Shanghai from next month.
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Fierce competition for clients among law firms advising borrowers and investors is stoking up disputes over loosening bond covenants, said high yield market participants in Europe this week. The number of deals pulled has already surpassed 2017 figures as a result, but both sides in the battle show little sign of giving way. Victor Jimenez reports.