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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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Chinese property company Kaisa Group Holdings raised $200m from a rapid return to the debt market this week. -
GMR Hyderabad International Airport swooped into the bond market on Tuesday for $300m, adding money to its coffers ahead of an expectation of a revival in passenger growth.
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More Chinese real estate borrowers headed to the dollar bond market on Tuesday, as bankers tackle a supply rush in the lead up to the Chinese New Year holidays in mid-February.
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Indonesian mining company Bukit Makmura Mandiri Utama (Buma) returned to the bond market on Tuesday to raise $400m after a three-year hiatus.
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Direct lenders and debt funds have always pitched themselves as being more suitable partners for businesses than banks, bondholders, or other institutional lenders. When the going gets tough, they can be quicker to waive covenants and offer new money than a less concentrated creditor group. But this also puts them in pole position to take the keys from a business should things go wrong — which we may see happen this year.
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UK broadband company TalkTalk is marketing an add-on to its existing high yield notes, raising new term debt to pay down its revolver. The company is subject to a takeover bid from Toscafund and Penta Capital, which will leave the existing bonds in place, but grant them security, as well as layering in extra leverage with a PIK toggle from Ares.
