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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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MIE Holdings Corporation launched a five year non call three deal with an aggressive opening spread on Wednesday. But buyers inundated with dollar bond issuance pushed back, and the issuer had to price a modest $200m deal in line with initial guidance.
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Chinese property developer Mingfa Group made it across the finishing line with a five year non-call three dollar debut late last week. But widening bond indices and a procession of first time names from the same sector meant the borrower had to settle for a $100m deal.
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Tata Communications became the first privately-owned Indian company to print a Singapore dollar deal last week. The demand from institutional investors and the final pricing exceeded even the bookrunners’ expectations, and there is no shortage of corporations looking to follow in Tata’s footsteps, said bankers.
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Lowell Group, the UK purchaser of defaulted consumer debt, tapped its 2019 high yield bonds for £75m on Wednesday. The add-on was not publicly announced before pricing and was based on reverse enquiry.
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Securitas Direct, the Swedish alarm maker with significant operations in Spain, sold a €100m tap of its floating rate notes in line with price guidance on Thursday.
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Nord Anglia Education jumped on the PIK toggle bond bandwagon on Thursday, marketing a $150m transaction to price on Friday. The five year non-call two notes follow Orion Engineered Carbons' PIK toggle deal on Tuesday.