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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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Beijing Energy Investment Holding (BEIH) is set to tap the international bond market for the first time, with an unrated US dollar issue that will have a standby letter of credit provided by Agricultural Bank of China (ABC), according to a source on the deal. -
Innovia Group sold its debut high yield bond in line with final guidance having been able to tighten the level throughout the bookbuilding process. The maker of films for the packaging industry priced €342m of six year floating rate notes at 500bp over Euribor at 99.5.
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Fresenius once again demonstrated the easy access it enjoys to the high yield market. After selling five, seven and 10 year bonds in euros in January and a tap in February, the German health care business added some seven year dollar notes to its debt portfolio on Tuesday.
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With euro interest rates lower than those in dollars, the high yield market can offer borrowers lower yields in the European currency, as Ineos showed yesterday.
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The two way traffic of corporate borrowers across the Atlantic continued this week as British Telecom — an issuer devoted to the dollar market — headed to New York again, while US Reit Prologis raised a euro bond.
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Astaldi and SNF Floerger took advantage of the lack of issuance in the European high yield market to tap bonds on Tuesday.
