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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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Despite tricky conditions in the European corporate bond market, a varied array of issuers has come to market this week, with the flow increasing as the week has gone on.
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Huai’an Traffic Holdings, the local government financing vehicle (LGFV) for the Huai’an municipal government, has locked in $300m from its inaugural international offering as investors put faith in the issuer’s strong link to the Jiangsu province.
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The largest telecom services reseller in the UK, Daisy Group, on Tuesday opened a four day roadshow for its debut high yield bond, unfazed by Brexit tensions in the sterling market.
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Huai’an Traffic Holding and Yuzhou Properties Company are set to become the newest names to test liquidity in the international bond market, kicking open their deals on Tuesday morning.
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German leisure travel group TUI AG launched a roadshow for a new issue to refinance its old 2019 bond on Monday at a time when coupons in the upper end of the high yield rating spectrum seem to be trending wider.
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Modern Land (China) Co ventured out with its maiden green bond on Thursday. It not only achieved the largest size for its dollar bonds to date, but also paved the way for the country’s property developers to come to the international green debt market.