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Japanese telecoms group Softbank opened the week in the European high yield market with a multi-billion refinancing deal to redeem its old 2013 bonds — and delete a covenant that could get in the way of its flotation. -
Pimco has appointed a new head of its European high yield portfolio, as it looks for opportunities to invest in speculative grade credit, the firm said in a statement on Monday.
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Four high yield property companies, Sunac China Holdings, Central China Real Estate, Jingrui Holdings and Yanlord Land Group, raised a total of $2.05bn on Monday, with some of them focusing on price and the others on size. But irrespective of their strategy, recent heavy supply pushed their bonds lower in the secondary market.
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The lack of a fluid conversation in the European high yield market between bond buyers on one side, and underwriters and borrowers on the other, will cause trouble for everybody, say some fund managers and their advisers. They are already turning around this situation in their favour, but investment banks have yet to react.
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Chinese property developers are rushing to sell dollar bonds as momentum picks up and the market stabilises. While heavy supply is weighing on investors’ minds, their familiarity with the sector and issuers’ willingness to pay up may be able to safeguard the deals.
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Chinese real estate companies Cifi Holdings Group Co and Fujian Yango Group Co rolled out three year dollar bonds on Thursday, paying investors hefty premiums to get their deals done.
