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China’s Health and Happiness (H&H) International Holdings has cancelled an exchange offer as well as a concurrent new money issuance, becoming one of three issuers to pull deals this week, as bankers blame the recent explosive supply on weaker investor demand. -
Leveraged finance investors in the US and Europe have scrambled for the bonds and loans backing leveraged buyouts of Thomson Reuters’ Financial & Risk business and Dutch chemical company AkzoNobel this week, with demand driving pricing tighter despite aggressive covenant packages. David Bell and Victor Jimenez report.
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Outstanding bonds issued by supermarket Casino Guichard-Perrachon, and three construction credits, Astaldi, CMC Ravenna and Aldesa, were in the spotlight this week, after dropping to their lowest price yet in September.
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US department store Neiman Marcus’s unsecured bonds and term loan have dipped in trading this week after the company said it was moving its fastest growing online business, MyTheresa, out of the reach of lenders.
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Four Chinese high yield issuers sealed bonds on Wednesday, when a total of nine deals were priced in the primary market in Asia ex-Japan, making it the busiest day in the region in months.
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US investors have scrambled for the bonds and loans backing leveraged buyouts of Thomson Reuters’ Financial & Risk business and Dutch chemical company AkzoNobel, with pricing coming tighter than initial thoughts despite aggressive covenant packages.
