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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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US lottery and gaming group Scientific Games International sold its first euro bonds this week, in a European high yield market that bankers and investors described as ready and steady for opposite reasons. -
Private equity firm PAI's divestment of its majority stake in Kiloutou, the French equipment rental firm, is pumping supply into the term loan market this week through a secondary buyout. Meanwhile, PAI is itself funding its leveraged buyout of Albéa, a French beauty product packaging group, with a high yield pay-if-you-can (PIYC) bond.
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The first issue of 2018 on London Stock Exchange’s Order book for Retail Bonds (ORB) is set to be a dollar offering from Burford Capital, the litigation finance firm.
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Tsinghua Unigroup Co raised $1.85bn from a three-part bond on Thursday that included a last minute 10 year tranche on the back of reverse enquiry. But the chunky issuance size and the lack of ratings meant the borrower offered investors a generous return.
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Ronshine China Holdings sold a three year puttable bond at a 9% handle on Thursday, in a deal catering to reverse enquiry demand. But the issuer’s challenges are far from over, with high leverage, tight liquidity and ballooning refinancing needs putting pressure.
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The ritual warnings about the ‘junk bond market’ are filling business pages again as the new year rolls on. They are inaccurate, and help hide the actual potential dangers under the surface of overheated high yield bonds.
