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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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JP Morgan announced a new set of leaders for its underwriting, coverage and M&A business on Monday, following a series of promotions in February. -
Sappi, the South African pulp and paper company, decided just before lunchtime on Friday to cancel a €250m bond issue, judging the price it would have had to pay too high. The failure of this deal contrasts with the vigorous issuance by much riskier companies in the US market.
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Zhenro Properties Group has ended the long absence of Chinese property companies from the dollar bond market, raising $200m from a transaction that was more than 10 times oversubscribed at its peak.
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Rubis Terminal made the first European high yield debut since the start of the coronavirus crisis, issuing a new €410m bond to fund a minority investment buyout by infrastructure specialist I Squared Capital. Business has boomed at the company, which operates bulk liquid storage, thanks to the collapsing oil price.
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While the US high yield market has delivered a deluge of secured rescue bonds to bail out airlines, cruise lines, car rental firms, hotels and other "zero revenue" virus casualties, European high yield has stayed sedate, cautious, and stuck to the safest sectors. Can the European bond market rise to rescue financing?
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Paper and pulp maker Sappi is raising a new €250m senior five year non-call two bond, looking to shore up its already ample corporate liquidity, following an existing agreement with its revolving credit facility (RCF) lenders to waive covenants until March next year. But despite the company’s actions, its outstanding bonds are quoted as low as 80, meaning it will likely have to pay up.
