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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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With holidays and earning out of the way and markets wide open, four new high yield bonds and two big term loans hit the market on Monday, constituting more than $11bn of internationally-targeted supply in total, with more than €4.5bn of euros in the mix. -
Zhenro Properties Group sold a short dated bond worth $220m on Thursday, adding further momentum to Asia’s growing green market.
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Organon, the spin-off from US pharma company Merck, has launched a bond leg of its financing, which will establish the unit as a separate firm with its own capital structure, while funding a $9bn dividend to its former parent. The firm was initially offering $4.5bn-equivalent across secured and unsecured bonds, with a bias to the deeper dollar market, but scaled this up during syndication to allow it to strip out bank debt.
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TI Fluid Systems, an auto parts company, is marketing its first unsecured debt, a €600m eight year non-call three, which it plans to use to repay part of its secured debt. It has also launched repricing on this loan, looking to cut margins and reset Euribor floors to market standard levels.
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Redco Properties Group raised $220m on Wednesday from its first sustainability bond.
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ReNew Power, a regular issuer from India's renewable energy sector, raised $585m this week from another green bond – and another complex structure.
