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Sustainability-linked bond had to cope with tariff and German debt news
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
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For CMA CGM, a French shipping company, the pandemic came in the nick of time. The group was struggling with debt maturities and dwindling liquidity in late 2019, but abundant state aid funding has allowed it to shore up its balance sheet return to market this week to refinance its 2021s.
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JSW Steel sold a $500m bond on Monday, but the issuer paid some 30bp of premium to close the trade. -
Three high yield Chinese property issuers turned to the offshore bond market on Monday, raising $950m between them.
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Canpack, a Poland-based packaging company, is making its debut in the euro and dollar high yield market this week, as it seeks to shake off the constraints of its private placement-based capital structure and prepare for expansion in the US.
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Jaguar Land Rover, whose February bond issue was one of the first casualties of the coronavirus pandemic in the capital markets, has brought its first bond issue since, strengthening bond terms with a ‘springing lien’ protecting investors against future priming debt.
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Dürr, the unrated German mechanical and plant engineering firm, is guiding investors on its final day of marketing towards it issuing a €250m bond with a yield aligned to issuers in the double-B ratings bracket.
