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The year's total issuance of triple-C rated bonds in the European high yield market jumped from €4bn to more than €6bn this week. Many believe this could be the last week to bring new deals in 2017. -
The euro high yield pipeline unveiled a battery of deals this week, six of them with ratings below double-B. The largest came from French frozen food retailer Picard Surgelés, which will refinance over €1bn of existing debt and pay a dividend to its private equity sponsors.
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Euro high yield bond buyers caught sight of a rare two digit coupon this week. Perstorp, the Swedish speciality chemicals group, priced its subordinated note with a 10% coupon.
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Two Chinese government-owned entities, Chengdu Communications Investment Group Corp and Qinghai Province General Aviation Group Co, priced their dollar bonds on Wednesday, but opted for very different tenors — the former a 10 year and the latter 363 days.
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Four Chinese corporate issuers Wanda Holding Group Co, Shandong Iron & Steel Group Co, Hefei Industry Investment Holding (Group) Co and Wuhan State-Owned Asset Management Company are fighting for investors’ attention on a busy Thursday in the primary bond market.
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Twelve deals last week led many in the corporate bond market to believe this week would be the final busy week of the year. However, the roadshow schedule is now bare and investors believe they are starting to see the end of 2017.
