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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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Carnival Cruises, the world’s largest leisure travel company, is rolling the dice on a coronavirus rescue package, launching a $1.25bn underwritten rights issue, $1.75bn convertible bond, and a $3bn dual currency high yield bond. -
Investment grade companies have rushed back to the bond market, while syndicate bankers in riskier and more complex asset classes are wondering when their turns will come. Yum Brands reopened US high yield on Monday, leaving European high yield desks hoping a bold issuer would try this side of the Atlantic. Euro buyers were teased a piece of Carnival's rescue package, but lost out to a strong dollar market.
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The Norwegian government’s support package for large companies goes beyond that announced in other jurisdictions, in actively buying bonds from companies deep in sub-investment grade territory, helping the country's vital oil exploration, shipping and oil services firms to access financing.
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Rating agencies are starting to feed through the impact of coronavirus into their ratings, starting a wave of downgrades which could push several large issuers out of investment grade territory, where they are eligible for central bank backing, into high yield, where no such support exists.
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Unusual or less traditional ways of trading bonds — via electronic platforms and exchange-traded funds — look set to come out well from the recent market turmoil.
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Chinese local government financing vehicle Chenzhou Industry Investment Group sold a euro-denominated bond on Thursday, rounding out a week of club-like deals in Asia.
