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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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Asia's high yield bond market finally saw some overdue activity over the past week, with four deals pricing. But the sector is by no means invincible — eHi Car Services had to pull a deal amid tepid demand. But despite that setback, bankers are confident of printing more deals through the summer, writes Narae Kim. -
Research firm CreditSights on Thursday said in its latest report about the European high yield market that issuance figures in the last two weeks of July were lifted to record levels by acquisition funding deals.
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CVC Capital Partners’ Cerved Group, an Italian credit information provider, will call €530m of bonds in January 2016, funded by a €660m loan, which will make the firm interest savings.
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There is little sign that summer holidays are keeping investors away from the corporate bond market this week: while the flow of deals may be slower than normal, issuers that have decided to tap the market are still receiving a warm reception.
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Oceanwide Holdings managed to reach the finish line for its $400m bond on Tuesday, the same day another high-yield issuer was forced to shelve its deal due to weak demand. Oceanwide’s triumph was thanks to the existence of outstanding notes that were trading well in secondary, as well as investors’ familiarity with the credit.
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HNA Tourism Group Co has raised Rmb450m ($72m) from its first bond issue, which was driven by investor enquiry. The two year deal offers investors the highest coupon in CNH since the start of 2015.
