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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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China XD Plastics made its debut in the bond market last Friday, pricing a $150m five year deal. The size was smaller than issuer had hoped when it first approached investors late last year, but the fact that it won over buyers unfamiliar with its business and sold a successful bond in a difficult market made the transaction more satisfying than most, said a banker on the deal.
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Frequent issuers Jaguar Land Rover and Fresenius were back in the high yield market on Tuesday, selling increased high yield bonds intraday.
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HSS Hire has released yield guidance in the 6.75% area for its 5.5 year high yield bond.
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Löwen Play is the latest in a spate of gambling companies entering the high yield bond market. The German company, owned by Ardian — the former Axa Private Equity — is looking for €265m of floating rate notes.
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North Atlantic Drilling, the Norwegian offshore drilling company, priced its high yield bond at the wide end of guidance on Tuesday. The $600m of 2019 notes came at 6.25%.
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Oil products company Puma Energy has priced its debut high yield bond in line with guidance on Tuesday, relying on broad appeal to a varied investor base to overcome the sell-off in emerging market credits.