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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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Smurfit Kappa, the Irish paper packaging company, has returned to the high yield bond market. The frequent issuer sold an increased €400m seven year senior secured bond on Wednesday, only four months after raising the equivalent of €675m at tight pricing in September.
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Thai Oil repriced its curve and those of other issuers in the PTT Group with a dual-tranche transaction last week. The deal’s secondary strengthening on January 18 was good news for the market, although recent Chinese property bonds continued to underperform.
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Four weeks into the year, the high yield market is being put to the peripheral test. Two deals have been launched by Spanish issuers and one by an Italian. Two of them are debutants.
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China SCE Property Holdings was the first Asian issuer into the dollar bond market at the start of the week, launching one of three property deals to be priced on Monday. It drew a benchmark-sized book for its $150m extension, and closed the bond before the arrival of its peers put pressure on the secondary market.
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Orion Engineered Carbons, a German producer of carbon black, has launched $390m of cash PIK toggle notes. The former carbon black business from Evonik is already known in the high yield bond market, after its €602m-equivalent issue in 2011.
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Chinese conglomerate Fosun International sold a $400m seven year non-call four deal on Thursday, giving buyers a break from the procession of property deals from Greater China.