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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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January and February, particularly the latter, were quiet months for corporate bond new issuance in Europe. However, March is lining up to be the busiest month of 2018 so far in both investment grade and high yield markets, and that is starting to worry investors. -
Bankers and investors said that a new deal from Paprec Group, the French waste recycler, showed that the supply of refinancing deals still had legs and could boost overall issuance volumes in the high yield market. Paprec's deal was also green, but did anyone care?
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China’s Xinyuan Real Estate Co has sold a par-priced $200m deal, paying one of the highest coupons for a public dollar bond in Asia so far this year.
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Indonesian coal company Toba Bara Sejahtra culled its debut dollar bond on Monday, as turbulent markets and new domestic rules around caps on coal prices put investors in risk-off mode.
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Two new high yield deals were announced on Monday with two day roadshows and seven year non-call three year structures that were expected to be priced later in the week. Oil exploration company Tullow Oil will offer a dollar deal while German packaging company ProGroup will sell a euro one.
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Four Asian issuers began marketing dollar deals on Monday, as a number of others started testing buy-side appetite through roadshows. But borrowers will have to temper their expectations on size and price, faced with a choppy market backdrop.
