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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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Ineos, the chemical company, returned to the high yield bond market on Wednesday with a €770m deal to redeem $775m of notes it issued in 2012. -
The iBoxx non-financials index may have widened 20bp since March, but market participants appear glad of it. Europe’s corporate bond market is healthy and wide open for riskier deals.
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Unrated Italian power generation machinery company Ansaldo Energia's first corporate bond was particularly popular with domestic investors on Tuesday.
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The largest telecoms company in southeast Europe, United Group, on Tuesday sold a €150m tap of its €475m bond offered in 2013 to fund its acquisition by KKR.
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Quantitative easing is having a marked effect on Europe's high yield market, most bankers and investors agreed. But far from enabling new companies to access the capital markets, it is mainly benefiting established issuers by giving them cheaper interest rates.
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Kaisa Group Holdings became the first Chinese property company to default on its offshore debt when it announced on Monday that it had failed to pay $51.6m of coupons on two of its outstanding dollar bonds. The news barely made an impact on secondary prices, as the default had been well flagged, but markets should not relax yet. Kaisa may not be an isolated case.
