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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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Italian energy company Enel received €3n of orders for €1.25bn of new hybrid bonds on Tuesday. This showed the insatiable appetite of investors for the product with the enhanced yield it offers and ratings agency Scope expects 2018 to record much more supply that the previous two years.
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The volume of euro and sterling high yield bonds on sale in Europe jumped to €1bn on Tuesday, after NBG Pangaea and Premier Foods hit the market with new offerings. Meanwhile, retail high yield funds enjoyed a second week of inflows. -
Cambodian casino operator NagaCorp clinched a $300m debut bond on Monday. But the gaming company’s notes looked cheap compared to other industry names in Macau, causing the yield to drop significantly in secondary trading on Tuesday.
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A rare floating rate note from Peking University Founder Group on Monday stood out in a busy market, raising the question of whether the format can become popular among corporations.
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Texan chemicals group Kraton opened up the European high yield deal pipeline this week with a debut deal that will help refinance a dollar bond. The firm is also topping up a US loan as it looks to cut its borrowing costs.
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Peking University Founder Group, Industrial and Commercial Bank of China and BOC Aviation came out with floating rate deals on Monday as the format continues to find favour among investors.
