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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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UK pub company Punch Taverns has launched a £600m senior secured high yield, which will pay off its remaining securitization debt in the Punch 'B' securitization — the only remaining part of Punch’s giant £2.4bn stack of securitized debt, the focus of one of the UK’s most contentious restructurings back in 2014. -
Frozen food supplier Nomad Foods has launched the bond leg of the financing for its acquisition of central and eastern European peer Fortenova, having priced the loan part earlier this month.
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Spanish car parts maker Antolin is looking to sell €390m of seven year notes, in a bid to refinance its bonds due 2024 early.
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Nobian, the industrial chemicals unit of Nouryon, launched the debt package for its spinout on Friday, offering up a €1.19bn ESG-linked five year term loan 'B' through Credit Suisse, HSBC and JP Morgan. This will be followed by a bond deal, which is yet to be announced, to complete the €1.615bn senior secured financing.
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Chinese local government financing vehicle Ganzhou Jiankong Investment Holding Group Co sold a $270m bond on Thursday.
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Beauty company Coty took out more of its bank debt with a secured bond this week, increasing its deal size from €500m to €700m and pushing through the 4% yield barrier to land the new issue at 3.875%. The Caa1/B- rated company has struggled to turn its business around and still has negative free cash flow, but a new management team, a new plan and a senior spot in the capital structure helped enthuse investors to buy the new bonds.
