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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 next economic downturn will be much more severe than the last financial crisis, predicted Dr. Edward Altman, a professor of finance at NYU Stern School of Business. That companies have twice as much debt outstanding as they did before the last crisis was the critical factor, he said. -
Two coffee firms are marketing high yield bonds this week, as a strong market backdrop encourages sponsors to lock in cheap funding. The two issues sit at opposite ends of the coffee spectrum — service station self-serve and high end barista-style kit — but both companies are sponsor-owned single-B names.
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High yield issuer Kunming Municipal Urban Construction Investment & Development Co priced its inaugural dollar bond on Monday, raising $300m at a yield that was comparable to some higher rated local government financing vehicles (LGFVs).
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Covenant erosion and the lack of disclosure worried market participants at Afme’s Annual European High Yield Conference in London on Wednesday. While investors are ever better educated and organised, the hunt for yield is driving them to accept aggressive documentation.
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S&P Global Ratings has downgraded Jain Irrigation Systems to selective default, following a similar move by two domestic rating agencies last week.
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China Grand Automotive Services Group Co has launched an offer to exchange two dollar bonds in part, leading to a sell-off in its existing curve in the days following the announcement.
