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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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Casino operator MGM China Holdings priced a larger-than-expected $1.5bn 144A/Reg S deal this week, and both tranches rallied in the secondary market despite a broader risk-off sentiment. -
The attempt by France to broaden the European Union’s proposed Taxonomy of Sustainable Economic Activities away from the “green niche” has made a good start. Financial officials from all the EU governments discussed the idea on Tuesday, with many member states being “very supportive”, according to sources close to the situation.
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The Co-operative Group, the UK food retailer and provider of funeral, legal and insurance services, launched its first sustainable bond on Wednesday and achieved impressive demand. But that had little to do with its ethical characteristics.
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Softness in risk asset markets has not choked off the flow of new high yield issues in Europe, though there are no investment grade new issues on Wednesday, a French holiday. Virgin Media is holding investor calls today for a new $825m and £300m senior secured issue, rated Ba3/BB-/BB+.
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Chinese car rental company CAR has wrapped up a liability management exercise, pushing its maturity curve out to 2022 despite fears in the credit market about the US-China trade war.
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The Co-operative Group, the UK food retailer, undertaker, insurer and legal services provider, has announced a £250m sustainable bond issue which will be unusual in three ways. Green and sustainable bonds are rare in the UK and rare in the high yield market, while the use of proceeds Co-op is planning is close to unique.
