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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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Almost everyone in the European corporate bond market admits they were wrongfooted by the storm of demand that has overwhelmed issuers this year. But the weather has changed again, as unexpectedly. From last week to this, the temperature is cooler and new issue premiums are, in most cases, back. -
Kerala Infrastructure Investment Fund Board made its debut in the offshore rupee market on Tuesday, raising Rp21.5bn ($311.7m).
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Holders of Inmarsat’s 6.5% 2024 high yield notes are recommended to take profits, as the board of the UK-listed satellite company recommended an LBO offer from a consortium of investors. Barclays, Bank of America, and UBS are arranging a $3.625bn term loan and a $600m-equivalent multicurrency revolver to fund the deal.
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Last week’s tap of a KWG Group Holdings dollar bond triggered a debate between bankers about what makes for good market practice. The issuer may be an established and reputable one, but the tap was priced with the borrower still in an earnings blackout. If this sort of timing were to take hold, the Asian issuers as a whole will struggle to build a globally diversified investor base.
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LeasePlan has launched a €1.3bn high yield bond from its Lincoln Financing holding company to pay back the original €1.6bn-equivalent holdco acquisition debt from its 2016 purchase by a consortium led by TDR Capital, and including Abu Dhabi Investment Authority, GIC and PGGM.
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Dollar bonds in Asia followed the US markets’ end to last week by trading lower. Nonetheless, the continent’s investment grade issuers are looking to print with many high yield issuers still emerging from earnings blackouts.
