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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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French carmaker Renault obtained a whopping €6.2bn book for its €500m seven year bond yesterday, as it rode the wave of demand for crossover-rated corporate bonds. -
Bond bankers love an orderly market, and this week's European corporate bond space has been the epitomy of that. Three large companies issued big European deals in the first two days of the week, with no sense of investor strain.
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Gemdale (Asia) Investment launched a three year Dim Sum bond on Wednesday to refinance its existing bonds after an ownership change at the company triggered a change of control put. Bankers on the deal argued about whether perceptions of weak demand were down to negative economic headwinds from China rather than the CoC, however.
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Renault, the French carmaker rated Ba1/BB+, benefited from the strong demand for crossover credit today when it priced a €500m no-grow bond with a new issue premium of just 5bp.
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IFC Development could make its first appearance in euros this week, with bankers expecting the borrower to launch a three year deal following a successful roadshow in Europe.
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Gemdale (Asia) Investment is out with guidance for a new dim sum bond and joins the raft of Chinese property names to have already hit the market this year.
