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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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Pricing in the European high yield market is still getting tighter, helped by a fortnight of stable markets and scant issuance. -
French carmaker Renault obtained a €6.2bn book for its €500m seven year bond on Tuesday, as it rode the wave of demand for crossover-rated corporate bonds.
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Dixons’ high yield bond traded up this week on news that the UK electrical retailer was in merger talks with Carphone Warehouse. But Carphone’s rival Phones 4U’s subordinated bonds traded down.
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Banca Popolare di Vicenza is preparing to launch a platform to issue minibonds in Italy, believing it has solved several of the practical challenges facing this nascent market for bonds from small and medium sized enterprises.
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Agile Property Holdings' first offshore renminbi bond put in a strong performance, with an order book of more than Rmb5bn ($820m), despite investors in the Dim Sum market having become more discerning. The borrower may also have saved 125bp compared to its dollar funding levels.
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China Aluminium International Engineering (Chalieco) priced its debut international bond last Friday, issuing a senior perpetual non-call three that pays 6.875%. The borrower opted for a non-call three structure to save costs but this also made the bond more investor-friendly, which meant it was able to shave 37.5bp off initial pricing.
