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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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Nigerian oil and gas firm, Seven Energy is out with guidance for its comeback bond. The leads have set a wider guidance than was offered in July, when the borrower had to abort a deal, and will be hoping that the poor performance of this week’s markets doesn’t blight its return. -
New issuance in emerging markets has been overshadowed this week by the poor performance of last week's deals. However, bankers say that at the right price, there are still deals to be done.
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A few stomach qualms have been felt in corporate credit trading this week, as the iTraxx Europe Main index snapped out 4bp on Monday, its biggest widening since May and taking it back to early August levels. Bankers scoffed at the idea this was a reaction to Bill Gross leaving Pimco — more likely, investors are feeling nervous after a big bull run and heavy bond issuance in September.
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Polish corporate Synthos has taken a hit in the secondary market and is trading two and a quarter cash points down from reoffer. Critics attacked the deal execution and warned that the trade may hurt future Polish corporates wanting to access the market. But bankers on the deal defended the sale and said the issuer had set a very ambitious price target.
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The high yield market is bracing itself for another onslaught from Chinese borrowers in the last part of the year. But a combination of an onshore real estate slump and questions about whether the impending flood of Basel III transactions could reprice the sector are causing bankers to have second thoughts about the outlook, writes Rev Hui.
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Chinese real estate firm Sunshine 100 China Holdings raised $115m on September 25 by printing a 12.75% 2017 trade through the curve of its closest comparable – Redco Properties Group.
