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High yield issuers may be worried about market access, but some do not see them losing it
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UK housebuilder Miller Homes this week brought its first high yield deal, coming at a time when spreads on sterling bonds with speculative grade ratings have tightened more than 100bp so far this year. -
Order books for the dual tranche high yield bond deal from German pharmaceutical company, Stada, closed at noon on Thursday. Such was the demand for the secured tranche that the deal was was increased by €250m.
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It has been a tough year for Chinese issuers as they battle with the National Development and Reform Commission (NDRC) to get go-aheads for offshore bond sales. But the regulator’s snail-like approval process appears to be crawling to a near standstill ahead of the National Congress of the Communist Party, leaving bankers befuddled about what to expect for the rest of the year. Morgan Davis reports.
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Aside from the leveraged deals for Stada and Miller Homes, three sub-investment grade borrowers printed deals in the high yield corporate bond market on Thursday. The three issuers all used different tenors to raise a combined €1.06bn.
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Investors familiar with Sunshine 100 China Holdings’ credentials shrugged off a recent ratings downgrade to gobble up its new $235m bond, which will allow the company redeem a note coming due imminently.
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The German pharmaceutical company, Stada, and the UK housebuilder, Miller Homes, both complete their high yield bond roadshows on Wednesday with the deals expected to follow before the end of the week.
