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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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Aluminum Corp of China, Peking University Founder Group, Beijing Enterprises Holdings and Singapore’s Oxley Holdings all walked away with new bonds on Wednesday, wrapping up a blockbuster issuance week ahead of Easter.
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Spanish plasma drug group Grifols wrapped up an all-debt refinancing programme on Wednesday as high yield spreads continued to tighten. But market participants warned that terms can hardly become even more issuer-friendly.
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Risk appetite propelled CEEMEA into a bullish second quarter with nearly $16bn of bonds printed in Easter week. Saudi Arabia led the charge with a $9bn sukuk, but demand for duration played into the hands of KazMunayGas which raised $1.25bn of 30 year debt.
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US high yield corporate default rates — a market led by companies in the commodity and energy industries — have seen little improvement despite the stabilisation of oil prices, CreditSights data showed on Wednesday.
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The euro high yield market closed the week before the Easter break in strong form, with bonds from Burger King France and Colfax, the US gas company.
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Lianyungang Port Group and property developer Golden Wheel Tiandi Holdings Company raised a combined $500m on Tuesday, wrapping up their fundraisings ahead of Easter.