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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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Redco Properties Group priced an opportunistic transaction on Thursday, raising a larger-than-expected $300m. Unlike some other 364-day deals, its transaction saw strong support from real money accounts. -
Traditional high yield investors have taken advantage of a quiet primary market to raise their complaints about default protection covenants becoming too weak. But its translation into spreads is yet to be seen.
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European high yield bond investors are up in arms at being asked to pay to be members of the European High Yield Association (EHYA), a division of industry body, the Association for Financial Markets in Europe (AFME). They should pay up, if not shut up.
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Borrowers have broken the 10 day spell without a deal in the European high yield market, and are coming back with refinancing deals. Faurecia, the French car parts manufacturer, opened the new batch with a refinancing deal on Thursday.
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Chinese issuers are back following the Lunar New Year break. Far East Horizon and Redco Properties Group are both wooing bond investors, effectively reopening the dollar debt market in Asia.
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Before this week, sterling corporate bond investors had had just four new issues to consider in 2018, but by Wednesday this had increased by three. Sterling investors have a reputation for not getting carried away with sentiment, but they have been pleased to see the increase in activity.
