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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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Once troubled Chinese property developer Kaisa Group Holdings, which launched an exchange offer last week, has released minimum yields on the four sets of new fixed rate notes that will replace its outstanding variable rate senior bonds. -
Primary high yield bond issuance from the gambling industry will be rare this year, Moody’s said in a report on Tuesday. But the story may be different in the leveraged loan market.
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Germany's Klöckner Pentaplast’s merger with UK competitor Linpac will create a global player in the packaging sector, the firm said on Tuesday, with an Ebitda of over €300m. The debt backing the merger will bring leverage at the firm to over eight times Ebitda, however, according to S&P, and one investor said he was concerned the deal could follow the market trend in becoming too aggressive.
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Indonesia’s Soechi Lines postponed a dollar bond on Monday because of uncertain market conditions and severe weather in Hong Kong, and it plans to engage with investors at another time. The pulled deal raised questions about whether the pricing on offer was enough to maintain the buy-side’s interest in the first place.
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Fantasia Holdings Group Co surprised markets last week with a 364 day bond, opting for a short-term note to circumvent delays in offshore funding approval from the Chinese regulator. At first glance, the notes appear to offer a quick solution for property companies with looming funding requirements — but borrowers should take a closer look at the many disadvantages that come with such short term deals.
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Shui On Land priced its senior perpetual bond on Monday in a busy primary market in Asia ex-Japan. The $500m trade was multiple times covered, as demand for perps continues to be strong in the region.
