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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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Speculative grade investors are being tempted by higher total returns in the leveraged loan market, but lack of supply and growing demand is favoring a loosening of default protection covenants. -
Italian energy company Enel received €3n of orders for €1.25bn of new hybrid bonds on Tuesday. This showed the insatiable appetite of investors for the product with the enhanced yield it offers and ratings agency Scope expects 2018 to record much more supply that the previous two years.
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The volume of euro and sterling high yield bonds on sale in Europe jumped to €1bn on Tuesday, after NBG Pangaea and Premier Foods hit the market with new offerings. Meanwhile, retail high yield funds enjoyed a second week of inflows.
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Cambodian casino operator NagaCorp clinched a $300m debut bond on Monday. But the gaming company’s notes looked cheap compared to other industry names in Macau, causing the yield to drop significantly in secondary trading on Tuesday.
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A rare floating rate note from Peking University Founder Group on Monday stood out in a busy market, raising the question of whether the format can become popular among corporations.
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A senior member of HSBC’s EMEA leveraged finance team has left the bank, according to sources.
