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Chinese high yield names Kangde Xin Composite Material Group and KWG Property priced new dollar deals against a weakening market backdrop on Thursday, forcing the pair to adjust their expectations in order to get ahead of an interest rate hike. -
Swiss telecom company Salt Mobile asked bondholders to waive covenants on some of its old notes while it also tapped them and sold a new floater on Thursday, all to fund a dividend to its owner NJJ Capital. The deals came to fruition but left some bankers and investors concerned about market discipline.
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Alliance Data Systems Corporation (ADSC) raised €400m from a high yield bond on Thursday, taking euro issuance from US companies to 20% of all European sales in the asset class so far this year.
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Axa IM has launched a European corporate high yield bond fund that plans a buy-and-hold approach through to its maturity in 2023.
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Chinese high yield names KWG Property Holding and Kangde Xin Composite Material Group Co, as well as unrated Lenovo Group, launched dollar deals on Thursday morning — just one day after Indian high yield issuer Eros International pulled its bond because of weak demand.
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Salt Mobile, the Swiss telecom company, is asking an issuer-friendly HY market to tap some of its old bonds, waive covenants on them, and fund a dividend to its owner NJJ Capital with a new floater.
