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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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Once troubled Chinese property developer Kaisa Group Holdings, which launched an exchange offer last week, has released minimum yields on the four sets of new fixed rate notes that will replace its outstanding variable rate senior bonds. -
Primary high yield bond issuance from the gambling industry will be rare this year, Moody’s said in a report on Tuesday. But the story may be different in the leveraged loan market.
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Indonesia’s Soechi Lines postponed a dollar bond on Monday because of uncertain market conditions and severe weather in Hong Kong, and it plans to engage with investors at another time. The pulled deal raised questions about whether the pricing on offer was enough to maintain the buy-side’s interest in the first place.
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Fantasia Holdings Group Co surprised markets last week with a 364 day bond, opting for a short-term note to circumvent delays in offshore funding approval from the Chinese regulator. At first glance, the notes appear to offer a quick solution for property companies with looming funding requirements — but borrowers should take a closer look at the many disadvantages that come with such short term deals.
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Shui On Land priced its senior perpetual bond on Monday in a busy primary market in Asia ex-Japan. The $500m trade was multiple times covered, as demand for perps continues to be strong in the region.
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Japfa Comfeed Indonesia and Lippo Malls Indonesia Retail Trust wrapped up their fundraisings successfully on Monday while Soechi Lines was forced to pull its debut deal.
