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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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Investment houses BlueBay in London and Brandywine in Philadelphia have joined this week a recent spate of high yield portfolio managers growing new funds beyond a specific regional focus. -
Chinese high yield property issuers have shown that they have investors in the palms of their hands, taking advantage of accounts’ hunger for yield to price deals at levels that would have been impossible a few months ago. But as more property companies face refinancing needs and investors spend their cash, borrowers will need to adapt to a tougher pricing environment.
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Chinese state-owned Qinghai Provincial Investment Group Co sealed its inaugural dollar bond on a quiet day in Asia DCM, bagging $300m from an over 8x subscribed transaction. But pricing was somewhat constrained by the country's weak aluminium sector.
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Xinyuan Real Estate is drumming up interest for its first international bond of the year, hiring seven firms to work on a Reg S transaction.
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UK mortgage lender Together Financial was the only new deal in the European high yield bond market of the week when, on Wednesday, it sold a sterling offering that received firm demand in a rare example of a single-B name opting for bonds over leveraged loans.
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The repricing train steams on in European leveraged loans, although several buyouts are coming down the track, offering new paper and the promise of some yield to desperate investors.
