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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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Asian loans bankers are in high spirits, thanks to a combination of a liquid market and a healthy pipeline. But as more companies shun bond issuance to tap the more stable loan market, the rise in dealflow means leveraged borrowers will be at a disadvantage — and should prepare to shell out juicier margins, writes Rashmi Kumar.
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Manutencoop, an Italian facilities management business, wants to sell €450m of high yield bonds in another debut transaction from Italy. It released price guidance for the transaction on Thursday and plans to price the notes today (Friday).
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Greek debt is back in the high yield market, after the recent flurry of peripheral European deal announcements. S&B Industrial Minerals, the Greek miner and ore processor, is looking for €275m of senior secured notes, while five Italian debut issuers were also vying for investors’ attention.
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Picard, the frozen food producer and retailer, sold its €480m floating rate note on Thursday at the tight end of guidance. The notes jumped higher on the break to trade around 100.875 on Thursday afternoon.
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German industrial ceramics maker CeramTec has brought triple-C risk back to low yields. The company, taken over by private equity firm Cinven, sold a highly geared, unsecured €306.7m bond at the tight end of guidance to yield 8.25%. -
Gamenet, the Italian gambling provider, sold its €200m high yield bond in line with price guidance on Thursday.
