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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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Several Chinese real estate companies, including Sunac China Holdings and Central China Real Estate, took advantage of relatively stable markets to ride the dollar issuance momentum this week. But supply pressure meant that many saw their bonds then trade under water. -
Coal mining company Mongolyn Alt (MAK) is understood to have extended the bookbuilding process for a five non call two year transaction that was opened for orders on Tuesday.
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Investors who can buy investment grade corporate bonds in a variety of currencies have been making the most of the relative value of dollar assets in recent years. However, the cost of hedging those assets has been steadily rising and is now at a point where such assets are looking much less attractive for non-US investors.
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Fund managers were looking into €6.5bn of live high yield bond and loan deals in the European leveraged finance markets on Wednesday. Those speaking to GlobalCapital were happy to see that spreads are slightly widening across ratings from last year’s historic lows.
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China’s Guangzhou R&F Properties Co, the once troubled China Hongqiao Group and a local government-owned entity in Xinjiang all managed to pull off new dollar bonds on Tuesday, albeit with some difficulty.
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Indonesia’s Star Energy Geothermal (Wayang Windu) put together its first green bond on Tuesday after weeks of courting investors. Its $580m deal was meant to have a similar reception as the blow-out project finance trade from Paiton Energy Co in 2017, but the more difficult market backdrop posed a challenge.
