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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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Yuexiu Property helped Chinese property deals keep coming this week, launching yet another dollar deal from Asia’s busiest bond market. But its dual-tranche deal struggled in the secondary market, along with those of its high yield peers.
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DuPont Performance Coatings, the US car paint business bought by Carlyle, sold its two-tranched high yield notes as part of the takeover financing on Wednesday. Commitments on the accompanying loans were due on Wednesday (see separate story in Loans section).
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Hornbach Baumarkt, a German DIY retailer, is planning to refinance its existing bond with a new high yield issue.
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JG Summit Holdings launched the largest ever dollar bond from a Philippine corporation this week, returning to the market for the first time in seven years. But despite the dominance of Chinese issuers in the market at the moment, bankers are hoping another Philippine company will tap the market next week.
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Lai Sun Development launched a long-awaited dollar debut last week, having held off at the end of the last year. It was the second unrated property name to price in dollars this year, after CSI Properties. But Lai Sun’s well received five year deal performed on January 11 despite a softer tone, while CSI slumped in secondary trading.
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With a deal priced inside guidance and tighter than expectations, French construction equipment rental firm Loxam this week made its high yield debut. The €300m subordinated issue priced at par to yield 7.375%.