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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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Infinis, the British energy generator owned by Terra Firma, plans to issue £350m of unsecured high yield bonds, to refinance debt and help pay for acquisitions of landfill gas assets.
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The bond market is awash with liquidity and rates are low. Issuers are understandably eager to lock in long-dated funding and perpetuals represent the ultimate opportunity. But investors have shown that structures with no step-up are a step too far.
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Melco Crown Entertainment priced a $1bn eight year non-call three bond on Wednesday, helping the company finance a tender offer for another dollar deal as well as repay a maturing renminbi note.
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Cosco Pacific has returned to the dollar bond market for the first time in a decade, closing a $300m 10 year deal. It sacrificed size for tight pricing and the lack of a rating turned some investors off — but the rarity of the credit, as well as its state ownership, ensured a solid result.
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Future Land Development Holdings made its dollar bond debut at the end of last week, managing to print a modestly oversubscribed $200m five non-call three deal on January 25, but investor fatigue amid a glut of Chinese property supply made execution difficult, said bankers.
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Indonesian tyre manufacturer Gajah Tunggal returned to the dollar market in style at the end of last week, selling a $500m five year non-call three deal that gave it the money to finance a tender offer. It pulled in huge demand, despite some investors thinking the pricing was tight.