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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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China National Bluestar (Group) Co paid a handsome new issue premium for a $300m senior perpetual bond amid weak sentiment for the structure, as its deal caused a widening in the broader Chinese senior perp market. -
China Evergrande Group’s $1.8bn return to the bond market this week split opinion. The ultra-high yield deal, which sent the company’s secondary bonds spiralling, was largely sold to Evergrande’s chairman — a move that attracted a mix of outrage and admiration. Morgan Davis reports.
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Corporate debt investors have the jitters, with fears over a potential wave of defaults and low levels of recovery expected to materialise following a trend towards covenants that offer them ever less protection spreading from the leveraged finance world to the wider market.
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China Evergrande Group raised $1.8bn in an unusual three-tranche deal on Tuesday that saw its chairman purchase $1bn of the notes as a show of support for the company.
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Financial services firm INTL FCStone pulled a planned $350m senior secured high yield bond offering on Tuesday.
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Apollo-sponsored RegionalCare Hospital Partners is marketing almost $5bn of sub-investment grade debt to support its acquisition of LifePoint Healthcare, which operates a network of non-urban hospitals.
