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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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High yield investors should be on the lookout this year for issuers weakening covenant protections in subtle ways, Moody's warned in a report published today. -
The novelty of conditions in Europe’s super-hot corporate bond market threw up several new manifestations this week.
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Chinese property developer Evergrande Real Estate Group has tapped the dollar bond market for the first time in 15 months, raising $1bn from a five year non-call three transaction. But even though Evergrande managed to get a big deal away, it nevertheless failed to meet its target for the trade.
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High yield investors grabbed bonds from lift component maker Wittur and Swiss telco Sunrise Communications on Tuesday, even after absorbing GTech’s €4.4bn-equivalent offer over the previous 24 hours.
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The acquisition of Las Vegas-based International Gaming Technology by the Italian gambling technology company GTech took a step ahead on Tuesday as GTech raised €4.4bn in euros and dollars, in the second biggest European high yield deal so far this year.
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The Asian high yield market seemed to have finally got going in late January, with a parade of borrowers successfully pricing bonds. But the apparent failure of trades from two southeast Asian credits has taken its toll, shutting the market to further deals. With conditions already difficult, leads should act more responsibly — and say whether the bonds are going ahead or not.
