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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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Investors are buying Greek risk again. That is the message that OTE, the country’s leading telecoms company, sent to politicians and the market this week. Having been shut out of the bond market for nearly two years, OTE returned with a convincing €700m five year deal, sold in just two days.
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Infinis, the British energy generator owned by Terra Firma, has released guidance in the 7% area for its £350m of six year notes. The unsecured bond, which will be callable after three years, is the company’s market debut.
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Lithuanian mobile telecom operator UAB Bité Lietuva sold a €200m 2018 high yield bond on Wednesday.
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Infinis, the British energy generator owned by Terra Firma, plans to issue £350m of unsecured high yield bonds, to refinance debt and help pay for acquisitions of landfill gas assets.
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The bond market is awash with liquidity and rates are low. Issuers are understandably eager to lock in long-dated funding and perpetuals represent the ultimate opportunity. But investors have shown that structures with no step-up are a step too far.
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Melco Crown Entertainment priced a $1bn eight year non-call three bond on Wednesday, helping the company finance a tender offer for another dollar deal as well as repay a maturing renminbi note.