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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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Hainan Airlines continued the recent run of taps on June 12, pricing the reopening of its offshore renminbi bond flat to the original 6.25% 2017s. Reverse enquiry drove the deal. -
Whether corporate bond issuance conditions can get any better is a question treasurers have been asking themselves for most of the last 18 months. Well, they just have. The latest dose of invented money from the European Central Bank, and the promise of more, knocked 5bp off the iTraxx Main index — about two months’ worth of normal tightening. And rates are down too.
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Hainan Airlines is continuing the recent run of taps with a reopening of its 6.25% 2017s on the back of reverse enquiry.
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SM Investments Corp (SMIC) issued its first dollar bond since 2012 on June 3, managing to price inside its existing curve. However, demand was not strong enough to ensure a strong performance in the secondary market, causing it to trade below par.
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Shui On Land has returned to the international bond market less than a month after its last dual tranche offering. The borrower was looking to take advantage of improved sentiment in the Chinese property sector but was forced to pay up over its existing curve.
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Europe’s investment grade corporate bond market is crackling with activity, after a sluggish start to the week, with no new issues on Monday and only two on Tuesday.
