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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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An improved picture is emerging for credit, said traders and strategists this week, as concerns around global growth and energy prices abate. But the immediate beneficiary is more likely to be the US than Europe, they said, although borrowers on both sides of the Atlantic have a great issuing window.
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With increased activity in the euro investment grade and US high yield markets, bankers feel confident the European high yield pipeline should start making real progress, despite this week’s activity being restricted to a single roadshow. -
Bankers had predicted a splurge of corporate bond issuance for this week, but as of Tuesday primary market activity was quiet. A pair of Spanish issuers made up the sole supply on Monday, with Iberdrola and Telefonica selling benchmark trades. They were followed on Tuesday by a benchmark from Swisscom, and a smaller trade from Finnish real estate company Citycon.
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Akelius Residential Property, the Swedish property group, was the only borrower roadshowing on Tuesday for a speculative grade bond in Europe, but bankers said investor feedback was positive.
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FBD Holdings, the unrated Irish insurance company, told investors in August it would be exploring the option of a bond offering before Solvency II regulations take effect next year, but Irish news media report the deal has been shelved.
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Indonesian property developer Surya Semesta Internusa (SSIA) has shelved plans for a possible US dollar bond due to the volatility in global markets.
