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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 European Leveraged Finance Association has called for better transparency in high yield covenant packages, arguing that clarity is crucial for pricing risk. The call comes shortly after one of the largest covenant climb-downs in recent market history, when lead banks on ThyssenKrupp Elevator stripped many of the most controversial terms from the €8bn financing. -
Philippine issuers are flooding the market with dollar bonds, giving investors an unprecedented selection of deals from the country. There is plenty more to come. Morgan Davis reports.
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Studio City Finance restructured its debt portfolio with a $1bn bond sale on Wednesday.
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Chinese property companies Kaisa Group Holdings, Yango Group Co and Overseas Chinese Town (Asia) Holdings raised a combined $1.5bn from their bonds on Wednesday.
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High yield bond issuance is coming thick and fast in Europe, with new deals for Autodis, Avantor and Diebold Nixdorf announced on Tuesday and Verisure following on Wednesday. Banks have cleared most of their pre-Covid bridge books, and the summer break is nearly here, giving issuers wanting to lock in a refinancing a short window to hit.
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Greentown China Holdings netted $300m from a bond on Tuesday to pay off notes that are due this year.
