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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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State Bank of India (SBI) succeeded in pricing the first offshore Basel III additional tier one (AT1) offering from an Indian name this week, but a bullish pricing strategy meant orders were muted and it has struggled in secondary. Despite the glitches, many believe the deal has set an important benchmark, writes Addison Gong. -
Winsconsin’s Spectrum Brands, the consumer products conglomerate ended a two day roadshow on Wednesday with the sale of euro notes that will repay dollar bonds, an uncommon transaction in the euro market.
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Debt collector Lowell GFKL — formed by a merger between the UK’s Lowell Group and Germany’s GFKL Group in late 2015 — hit the road to entice investors into its floating rate notes, which it will use to add a third company to the group, Germany’s Tesch Inkasso.
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US coatings maker Axalta on Tuesday sold a €450m bond to redeem its 2021 euro notes, a month after it redeemed its 2021 dollars, cutting its coupon by 200bp.
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A jumbo bond intended to refinance the debt of merged companies Quintiles and IMS on Wednesday added to a deluge of high yield issuance, with the market seeing €4bn of new bonds by Thursday.
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The European high yield market looks bound to end the third quarter of this year with a flourish as the volume of September primary sales approaches the €10bn mark, some €2bn more than for June and July combined.
