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MAG’s tightly priced bond adds credence to claims that Thames Water’s woes are isolated
Junior notes are on negative outlook but pub revenues are rising
Singapore-based senior banker moves to the Japanese firm from Natixis
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Carnage in Chinese stock markets apparently has little read-across to European speculative grade credit. Leveraged loan and high yield markets are still wide open, meaning issuers that can refinance are well advised to do so.
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Mizuho International has hired nine bankers for roles across emerging markets trading and sales, rates, options, securitised products and credit sales and trading. Among the hires, the bank has found a new head of MTNs and appointed a senior emerging markets trader from BNP Paribas. -
Together Money is preparing to refinance its 2021 high yield bond with a new £385m senior secured issue, the first sterling deal of the year. The storming performance of the euro and dollar markets have meant that, despite the increased post-election appetite for the UK currency, it simply cannot compete on pricing for many issuers.
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High yield bonds are back on top as the capital markets funding tool of choice for leveraged companies. This week, Techem tweaked its loan repricing to add a heavy bond slug and take advantage of near-record low coupons on offer. That sets 2020 up with a very different tone from the past two years, when an ever-growing CLO market meant bonds struggled to compete with loans, writes Owen Sanderson.
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Green bond volumes reached a record level in 2019 and market participants think the sector is poised for another blow-out year. Korea South-East Power Co (Kosep) and ReNew Power Private gave a further boost to Asia’s growing green bond market this week, selling $750m of notes between them. Morgan Davis reports.
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A Bank of England rate hike is in no one's short term thinking. But if it happened, it could be dire for the housing market and therefore, for those parts of the capital markets that exist because of it.
