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US issuers and insurance companies could benefit as Moody’s relaxes parts of its approach
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German forklift truck maker Kion increased its seven year debut high yield bond from Eu400m to Eu500m on Thursday as it released price talk. The deal will be issued in the afternoon, a bookrunner said.
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French container shipping company CMA CGM launched an $800m-equivalent high yield senior unsecured deal on Wednesday, to refinance its existing euro and dollar bonds.
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Investors are showing some welcome caution in Europe’s high yield market. While most borrowers have enjoyed a smooth ride through the primary market, they haven’t been able to dictate pricing terms. This should placate those who fear a bubble developing.
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Three European high yield deals were in the market on Tuesday, with the UK’s Priory Group and South African firm Sappi issuing Eu726m worth of paper between them, while UK retailer Matalan was preparing a £250m bond, for pricing on Wednesday.
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Fufeng Group, China’s largest manufacturer of MSG, is planning to sell a $200m-$300m bond as early as Wednesday, giving investors a break from the heavy supply of bonds from the country’s property sector.
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Europe’s high yield market is set for another week of heavy supply after the UK’s Priory Group and South African firm Sappi said on Monday they would issue junk bonds. This follows deal announcements on Friday from Kion and Matalan, both of which are also expected to print this week.