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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 release of September’s UK retail sales figures sent bonds from British retailers higher on Tuesday. The retail sales report from BRC-KPMG showed the highest like-for-like sales growth of the year, after a weak August.
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Albéa Beauty, the French cosmetics packaging company, has launched its $650m-equivalent debut bond in the high yield market. The provisionally B2/B+ rated senior secured notes will be divided into euro and dollar tranches and have a seven year maturity.
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The global default rate edged higher in the third quarter, as the US speculative grade default rate rose by 0.3% from last quarter, Moody’s said.
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SNF Floerger, the French speciality chemicals company, sold a high yield bond on Tuesday at the increased size of €300m, and at a tight spread. The senior unsecured bond issue was enlarged by €50m and priced at par with a 5.5% coupon.
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Algeco Scotsman, the prefabricated buildings and mobile storage unit company owned by TDR Capital, priced a €1.111bn high yield bond in dollars and euros on Tuesday afternoon, after a tough sale in which the borrower had to make many concessions to investors.
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Norwegian fishing and fish farming company Austevoll Seafood ASA launched a Nkr500m October 2018 bond on Tuesday with a coupon of 410bp over quarterly Nibor, evidencing the widening interest that investors are showing in krone-denominated debt.