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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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International Game Technology is readying its comeback to bond issuance, seeking funding for a partial tender offer for two 2020 euro notes. Europe’s primary high yield market was back in action, too, but investors warn renewed talk of trade war between the US and China could disrupt the market.
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Greenland Holding Group Co priced the first floating rate note (FRN) transaction from a Chinese high yield real estate company last Friday, finding sufficient demand to extend its maturity profile to September 2021.
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Five borrowers helped to contribute to a heavy deal pipeline for acquisitions and refinancings this week, as secondary spreads tightened after last week's no issuance.
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Wuzhou International Holdings’ Hong Kong-listed shares and dollar bonds resumed trading on Friday after slumping heavily in late May. The reopening followed a filing from the company on Thursday evening admitting it has defaulted on some of its payment obligations.
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S&P Global Ratings knocked a notch off pet food retailer PetSmart’s corporate credit rating on Thursday, citing the firm’s ‘unsustainable’ capital structure and the increased risk of a distressed debt exchange after a portion of its subsidiary Chewy was transferred to private equity sponsors.
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The European Central Bank surprised some corporate bond market participants on Thursday by setting out how it expects monetary policy to evolve over the next year and a half.