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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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Dollar bonds from Chinese local government financing vehicles (LGFVs) are experiencing a sharp rebound in the secondary market, after months of trading under water. -
Beijing Capital Grand closed a successful $400m floating rate bond on Thursday, after waiting weeks for a market window. But the transaction fell flat in the secondary market after a bookrunner’s withdrawal from the trade spooked investors.
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High yield investors are hoping that a glut of fallen angels in US corporate credit might help alleviate the drought of issuance they have suffered this year, but a report from S&P Global argues that concerns over the risks in triple-B rated borrowers might be overdone.
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Värde Partners plans to fund the acquisition of Spanish consumer credit bank WiZink with payment in kind (PIK) notes, a type of high yield issuance that borrowers have barely used in the last 18 months.
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Chinese high yield property bonds have been battered in the primary and secondary markets for much of 2018. Many issuers have been forced to steer clear of the market, fearing expensive pricing at best and failed deals at worst. But regulatory changes in China’s domestic market are starting to have an impact offshore, giving real estate companies the vote of confidence they have been waiting for. Morgan Davis reports.
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China Fortune Land Co and Sunac China Holdings have closed new dollar bonds, following a pair of successful taps that proved the market is returning to form.
