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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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Gates Global delisted its 5.75% 2022 bonds from the Luxembourg Stock Exchange this month, and relisted them immediately on the former Channel Islands Stock Exchange, now rebranded The International Stock Exchange (TISE). The move was likely a response to Europe’s Market Abuse Regulation, which has driven some high yield issuers to the non-EU exchange. -
Recent strong demand from US investors for lower rated high yield bonds in euros has helped stimulate issuance from the triple-C rated companies. But US fund managers are not buying indiscriminately and bankers say they were instrumental in forcing Bain Capital to change an aggressive covenant on a deal placed this week. Victor Jimenez reports.
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Asian bond investors reclaimed some of their power this week, but the coup was far from bloodless. Three single-B rated issuers were forced to pull planned dollar bonds. Morgan Davis and Addison Gong report.
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Nitrogénmuvek, the Hungarian fertiliser group, became the second borrower with high yield ratings to cancel a deal this month, after Tereos pulled a highly structured bond seven days ago. This time, the problem was size.
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Indian solar energy producer Azure Power Energy started marketing its debut international green bond on Thursday. The deal was announced two days after another Indian energy firm, Continuum Energy Levanter, pulled its own dollar bond.
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Hungarian fertiliser group Nitrogénmuvek launched the smallest high yield bond offering of the year so far on Wednesday. But guidance suggested the borrower seeks to pocket large savings as it refinances its old 2020s.
