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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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China Cosco Holdings opened the orderbook on its debut dollar bond on Monday, after securing an unconditional guarantee from Bank of China. But initial guidance — which offered a triple-digit premium over the guarantor’s curve — sparked questions from rival bankers about how the guarantee should be priced.
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Renault, the French carmaker rated Ba1/BB+/BB+, sold €250m in a tap of its 4.625% September 2017 notes today. The add-on came at 99.145 to yield 4.825% and is expected to be fungible 40 days after the pay date.
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HOT Telecommunication Systems is one step closer to its inaugural high yield bond issue. Shareholders of the Israeli telecoms company approved a share sale to Altice at Ish42 a share.
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Fiat, the Italian carmaker, sold a €400m tap of its 7.75% 2016 notes on Monday. The add-on, issued through Fiat Finance and Trade, came at the mid-point of guidance at 101.116 to yield 7.4%.
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TMF Group, the Netherlands-based business services provider owned by Doughty Hanson & Co, is looking to sell €580m in a debut high yield bond. The provider of financial, legal and human resource admin services will issue a senior secured floating rate tranche alongside a fixed rate senior.
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