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Sustainability-linked bond had to cope with tariff and German debt news
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
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Three Chinese borrowers and one Hong Kong issuer hit the international bond market on Monday, getting ahead of a pick-up in deal flow expected in the rest of the week. -
Deutsche Lufthansa deferred the coupon on its hybrid debt, surprising the market and sending the bonds spiralling down almost nine points. The company said the decision came as the coupon payment would have violated state aid rules in relation to Lufthansa’s bail-out from the German government.
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Premier Foods announced a long-expected refinancing of its main wholesale debt, a £300m 2023 bond which first came up for call last year. The refi comes as the firm published preliminary results to the end of Q1 showing profits up more than 20% for the year, and debt levels coming down.
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Chinese issuers Redsun Properties Group and Shandong Hi-Speed Group Co have hit the offshore bond market, grabbing a brief issuance window ahead of a public holiday on Wednesday.
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Encore Capital is launching a £250m refinancing to push out its maturity profile and pay down the last bond issued under the Cabot Credit Management brand. The move comes following strong results published in early May and an upgrade to positive outlook from Moody’s.
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Three Chinese companies decided to tackle their refinancing needs on Monday with new bonds, grabbing a short issuance window ahead of a public holiday in Hong Kong and some other Asian markets on Wednesday.
