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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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Three property companies from Greater China hit the bond market last Friday, raising $850m between them even as the US presidential election battle raged on. With Joe Biden now announced as the president-elect, the issuance spree in Asia only picked up pace on Monday. -
Ineos Styrolution’s financing for its $5bn purchase of BP’s aromatics and acetyls businesses is likely to hit the market in January, according to company management, with existing term loans refinanced but bonds potentially remaining outstanding.
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Asia’s dollar bond issuers hit pause this week as all eyes turned to the outcome of the nail-bitingly close US presidential election. With the result still uncertain on Thursday, but signs showing a Joe Biden victory as a possibility, some bankers in the region reckon the debt market may be at full throttle from next week. Morgan Davis reports.
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Fujian Yango Group Co returned with another high yielding bond on Tuesday, making it the only Asian issuer to brave the primary dollar debt market ahead of the US election.
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Aston Martin’s rescue financing was battered by brutal markets late last week, with the Crossover widening around 40bp between announcement and pricing, and risky triple-C rated bonds selling off still further. Tuesday’s price talk of high 8% to 9% proved far too ambitious for the troubled UK car manufacturer and the deal eventually cleared at 10.5% on Friday afternoon, with investors offered extra upside through a longer non-call to tempt them into the book.
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Shandong Iron & Steel Group Co was forced to pay 50bp more than it expected for a new $500m three year bond on Thursday, despite trying to appeal to investors with a positive spin on its future fundraising plans.
