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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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Hsin Chong Construction Group is meeting fixed income investors to gauge interest for what would be its second dollar bond. -
European high yield specialists hope the continent's market can repeat in 2016 its sharp outperformance compared with the US market last year — but history suggests that the two markets tend not to diverge for long.
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High yield has had a tough start to the year. Not a single deal has been announced, amid a fresh bout of risk-aversion in global markets, and the Markit iTraxx Crossover index has widened from 315bp to 339bp.
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The heavily oversubscribed books for the year’s first three Asia ex-Japan bond deals should not be taken as a sign that issuers will have an easy time in 2016. With macro concerns linked to China once again rearing their ugly head, market participants are predicting a tough year ahead. Rev Hui reports.
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Jiangsu NewHeadLine (NHL) broke new ground this week, selling the first high yield bond from a local government financing vehicle. Market participants expect this to be the first of many to come, as the asset class offers both a government link and a yield pick-up over investment grade counterparts.
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Corporate issuers now dominate Europe’s high yield market, but investor appetite is showing signs of its old fickleness. As Victor Jimenez reports, issuers can still depend on the market, but may have to pick their windows carefully in 2016.
