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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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Distribuidora Internacional de Alimentación, a recently downgraded Spanish discount food retailer that issued a profits warning last week, saw its outstanding bonds fall further in the secondary market despite providing a glimmer of good news. -
China Singyes Solar Technologies Holdings’ defaults last week have pressured the secondary performance of other new energy names as well as the overall Chinese high yield industrial sector, as the market braces itself for more non-payment situations.
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Ride-share firm Uber saw sufficient demand from investors this week to increase the size of its debut private high yield bond from an initial $1.5bn to $2bn across two tenors.
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It was a good week for Netflix as its stock jumped by almost 10% after it released its third quarter results, but the company’s business model and overvalued stock makes it seem like a bubble trade.
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Debt buyers piled into the first high yield bond deal from UK supermarket chain Tesco, which increased its offering by half and reached investment grade pricing as order books swelled to eight times the initial benchmark size.
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Secondary spreads in corporate bonds have widened in October, somewhat in line with the sell-off in all global markets. US credit spreads have suffered more than European, but some investors don’t see the move as material, for now.
