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US issuers and insurance companies could benefit as Moody’s relaxes parts of its approach
Investors attracted by relative value versus loans but are not blind to risk
Floridian manager registered the vehicle in Ireland with article 8 SFDR classification
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The UK’s packaging manufacturer Chesapeake expects to launch the syndication of £290m-equivalent of loans on Thursday morning. The debt will support its leveraged buy-out by private equity firm Carlyle. -
BSN Medical, the German bandage maker, allocated the refinancing of its euro and dollar term loan 'Bs' late last week. The issuer achieved margins 75bp-100bp tighter than original guidance after attracting investor interest despite a quiet August in the leveraged loan market.
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The high yield market felt the August influence last week as trading was thin, no new primary deal plans dripped through and fund flows reduced to a minimum.
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Finnair, the partially state-owned Finnish airline, sold the first euro-denominated corporate bond of August on Thursday. The unrated company priced a €150m five year bond at the tight end of guidance — a result that could tempt some other Finnish corporates to the market.
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Exchange-traded high yield funds are exerting increasing influence on the US high yield bond market, said Fitch Ratings, while dealer banks are holding smaller inventories of corporate bonds. The trend could come to Europe even though ETFs make up a smaller part of the market there.
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The healthcare sector is proving popular in the European leveraged loan market, with two borrowers successfully closing transactions this week even though most bankers and investors are still on their summer holidays.
