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High yield investors nibble at IG names, as credit investors brace for ‘trillions’ unlocked from money market funds
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Italian maker of orthopaedic implants, Limacorporate, cancelled its bond roadshow in continental Europe on Wednesday, as investor demand from its London meetings accelerated the pricing of a deal to refinance a loan with floating rate notes. -
If the tension in the European corporate bond market is often about how much paper can issuers persuade investors to take, this August the pull is the other way. Investors are thirsty, and issuers are withholding.
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High yield issuers Future Land Holdings Co and China Logistics Property raised a combined $300m from their bonds on Tuesday. But the borrowers saw different outcomes. While investors continued to be attracted to property names, making Future Land’s deal 10x covered, they were less responsive to debutant CNLP.
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China Chengtong Holdings Group debuted in the debt market on Tuesday, sealing a tight $500m deal as the state-owned operating company transitions to a new entity. But its foray wasn’t without questions, as bankers and investors debated the unrated credit’s status as a corporate or a financial.
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Hong Kong-listed Sunac China Holdings has set its sights on the debt market for a dual tranche dollar bond, one week after sealing a HK$4.03bn ($516.2m) top-up placement.
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Returns data shows passive funds are lagging their active counterparts in the European high yield bond market, investment firm Alliance Bernstein said in a report on Tuesday. But active fund managers expect passive money to grow.
