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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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Two high yield bond issues this month, by HeidelbergCement and Fresenius Medical Care, have proved that investors will put a price on double-B bonds, but that still leaves many lower rated companies out in the cold and needing funds.
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Asia’s bond markets are firmly shut, and few bankers or investors are willing to bet on when they will open again. That places a premium on the ability of bookrunners to sniff out small pockets of demand — and shows issuers where the real skill lies.
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US high yield investors bought $1.25bn of bonds on Tuesday, issued by Hospital Corporation of America, which issued a record deal in July, and crossover Newfield Exploration.
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If Fresenius Medical Care reopened the European high yield bond market on September 8, the intervening three weeks without deals meant it needed reopening again today. HeidelbergCement did just that, with a €300m bond that was executed swiftly today, without warning.
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The closure of Europe’s high yield market — now being echoed in the US — is blocking up the whole leveraged buy-out process. However bullish private equity funds are, their debt providers are bearish — and that means dealflow will slump.
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Two deals priced, one pulled – that is the summary of Monday’s US high yield activity – while Tuesday was on track for another deal for Hospital Corporation of America. At the end of July HCA sold the largest high yield bond since the credit crisis, an extraordinary deal that began as $1bn and ended as $5bn.