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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 dollar bond issuers were back in the market on Thursday after taking a pause during the US Federal Open Market Committee meeting this week. -
2018 has proven a difficult year for the IG corporate bond market so far. Instead of the smooth waters of 2017, conditions have been more choppy and issuers and their syndicates have had to navigate a more careful path to market and often paying more to insulate investors from secondary market volatility. However, there are likely to be more difficult conditions ahead with fewer support mechanisms available.
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Commodities trader Noble Group decided not to repay a $379m bond that matured this week, triggering an event of default. But the latest development got little reaction from the market, as the company has long been in the process of restructuring almost $3.4bn of debt.
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Virgin Media raised £300m from a receivables financing note this week, a deal that despite being more complex than normal high yield bonds, was liked by fund managers.
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Funding for leveraged buyouts in the European primary high yield market gained further share of overall issuance this week, as specialty car parts maker LKQ of Chicago sold a €1bn bond for its acquisition of German peer Stahlgruber.
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Italian business software vendor TeamSystem returned to the public bond market to refinance a floating rate note it placed privately in 2016, as high yield fund managers increase their demand for floating rate debt this year.
