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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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A number of dollar bond issuers in Asia have moved to reopen their existing notes and add more funds to their coffers ahead of a week-long holiday in China for National Day. -
Aston Martin printed a $150m senior secured private placement (PP) this week at a racy yield of 12%. But some investors felt was more like an equity raise — stirring memories of the firm’s torrid IPO in October. S&P showed no mercy at the iconic carmaker swelling its leverage, cutting its credit rating to triple-C. The firm is now placing its future in the hands of a new luxury SUV.
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UBS, Hermes and Federated are hunting investors for two SDG Engagement High Yield Credit funds, which will seek to make meaningful social or environmental impacts, as well as market-beating returns.
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Lecta has reached an ‘in-principle agreement’ with its creditors for a recapitalisation, which will cut the principal of its €600m senior secured notes by €380m-€400m in a debt-for-equity swap. The Barcelona-based paper company’s proposed recapitalisation qualifies as a distressed exchange, said Moody’s, and it slashed Lecta’s rating from Caa1 to Caa3.
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Cirsa, a Latin America-focused gambling company owned by Blackstone, raised new PIK toggle debt this week to pay a dividend, thereby derisking its initial investment — by selling bondholders what looks like a top-of-the-market trade. But the company generates plenty of cash, and investors showed up in force, allowing it to boost the size of the bond and associated payout.
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Investors’ hunt for yield worked in Road King Infrastructure’s favour, with its $480m bond eight times covered at the peak. Most accounts stayed in the trade despite its tight pricing.
