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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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Just one borrower occupied European high yield bond pipeline at the start of this week giving the impression the market is about to slow for summer. Bain Capital’s hygiene product supplier Diamond, is out on a roadshow. -
China’s Oceanwide Holdings Co scored $400m from a new three year offering on Thursday, sealing a bigger deal than expected but paying up in the process.
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China Jinjiang Environment Holding Company (CJE) made its debut in the international bond market, raising $200m from a three year on Thursday. The deal won investors over — but finding close comparables proved a challenge.
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European high yield market participants took caution from Tereos’ decision to postpone a perpetual hybrid bond issue on Tuesday, suggesting that the structure still confuses investors.
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Fallen angels — corporate borrowers that lose their investment grade ratings — have become a key source of supply in global high yield bonds markets over the years. But there are signs that, particularly in Europe, such supply is ebbing away as corporate balance sheets improve. This is driving HY investors elsewhere to seek new credits.
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Chinese state-owned Shandong Energy Group Co sealed a popular $300m three year debut on Wednesday off the back of a $3.2bn book, thanks to its strong government support and the attractive yield on offer.
