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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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T-Mobile US has lined up $38bn of fully committed loans to finance its $26bn purchase of US telecommunications company Sprint. -
Indonesian property company Bumi Serpong Damai returned to the debt market on Monday for a quick $50m tap to its $250m 7.25% 2021 bond that was sold last week.
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Poly Property Group and Hong Yang Group Co raised funds from the dollar bond market last Friday, with the former opting for a tap of its outstanding paper and the latter going down the short-term note route.
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The debt market in Asia ended the week on a muted note, with both investment grade and high yield dollar spreads widening amid a rise in US Treasury yields. The primary bond market was also quiet with no international issuance on Thursday and a lone Chinese issuer collecting bids on Friday.
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Highly valued companies that are yet to make any money are enjoying a strong reception in the US high yield market. WeWork and Netflix were the latest to sell bonds this week, despite questions over WeWork’s accounting, which turned a $933m loss into $233m of earnings. David Bell reports.
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Two issuers with double-B ratings, Darling Ingredients and Avast, achieved substantial financial cost savings with repricings this week, as pricing for top rated paper still looked attractive despite a recent uptick in spreads.
