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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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A growing number of European high yield borrowers are replacing their bonds with leveraged loan debt. This week, investment management company Neuberger Berman decided to add leveraged loans into its bond strategy, and said more investors should follow suit to avoid missing new speculative grade issuance. -
Indonesia’s Medco Energi Internasional has added $100m to its outstanding five non call three bonds from last week, bagging a total of $400m as Chinese investors continue to prove a receptive audience.
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US plastics manufacturer Trinseo priced its new dollar refinancing bond deal with coupons more than 100bp tighter than the old notes. It is also marketing new term loans.
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Amazon’s seven tranche $16bn new issue on Tuesday gave US investors one final jumbo transaction before an anticipated two week summer break starts next week.
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Chinese real estate company Cifi Holdings printed its first perpetual bond on Tuesday, raising $300m. But although the company hit its target, it opted for an aggressive pricing strategy and orders plummeted from over $4bn to $1.1bn.
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Wing Tai Properties grabbed an open window in the Singapore dollar market this week to raise S$160m ($117.5m), leveraging its sister company’s credentials to woo investors.
