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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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Corporate bond issuance continued apace on Monday, after last week’s busy activity. Five deals hit screens, despite a rising feeling among arrangers that the market was too congested. -
Chinese property developer Gemdale Corp is in the market to buy back $500m worth of bonds as the company seeks to optimise its capital structure.
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Bond and equity investors in Abengoa, the Spanish renewable energy company, took heart this week after Standard & Poor’s affirmed its rating after the market close on Friday, September 11.
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An improved picture is emerging for credit, said traders and strategists this week, as concerns around global growth and energy prices abate. But the immediate beneficiary is more likely to be the US than Europe, they said, although borrowers on both sides of the Atlantic have a great issuing window.
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With increased activity in the euro investment grade and US high yield markets, bankers feel confident the European high yield pipeline should start making real progress, despite this week’s activity being restricted to a single roadshow.
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Bankers had predicted a splurge of corporate bond issuance for this week, but as of Tuesday primary market activity was quiet. A pair of Spanish issuers made up the sole supply on Monday, with Iberdrola and Telefonica selling benchmark trades. They were followed on Tuesday by a benchmark from Swisscom, and a smaller trade from Finnish real estate company Citycon.
