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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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Tata Steel announced a 5.5 year and 10 year dollar denominated dual trancher on Wednesday afternoon. The borrower is the second from the Indian high yield arena to open books for a debut dollar deal today, joining renewable energy company Greenko. -
While other markets might slowly be coming to a close for the summer, high yield is experiencing one of its busiest weeks this year. Investors are using the strong demand for speculative grade debt to push for better terms and higher rates. Meanwhile, UK supermarket chain J Sainsbury has signed what it says is the first ever corporate green loan.
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Greenko Dutch announced its debut international bond, a dollar five year non-call three, on Wednesday. Supported by strong investor appetite for Indian high yield, the issue was already covered by indications of interest when books opened, according to dealers.
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Nigerian oil and gas company Seven Energy has joined the burgeoning family of Africa high yield borrowers, picking banks for a benchmark sized debut dollar deal. An African mining corporation is also eyeing the high yield market, and bankers are expecting a steady of procession of corporate deals from the continent throughout the rest of this year.
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Tata Steel is kicking off investor meetings for what could be an inaugural dollar and euro denominated deal this week. In addition to being the latest in a string of Indian borrowers to explore the euro market this year, the company joins a club of high yield issuers from India that are surfacing in dollars.
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Lai Sun Garment priced a new four year on July 17 and used investor friendly covenants to achieve tighter pricing. The structure proved attractive and the book was nearly five times subscribed.
