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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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The month-long gloom surrounding Chinese property credits looks to be finally dispersing after Shimao Property Holdings priced the sector’s first high yield bond of the year on February 3. Not only did the transaction attracted a huge order book, it also managed to attain solid pricing, which paves the way for its peers to follow. -
Chinese technology giant Tencent has decided to go ahead with a Reg S/144A transaction while it was in the middle of non-deal roadshow after it wasencouraged by strong feedback from US investors and the recent robust trading sessions.
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International bond investors welcomed back Tower Bersama for the first time in two years as the Indonesian telecoms tower operator priced a $350m seven year non-call four offering on February 3. On the back of strong demand, the issuer achieved the lowest ever yield for a seven or longer tenor offering from a private Indonesian company in the high yield market.
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Shimao Property Holdings is looking to be the first high yield property name from China to tap the offshore bond market this year, opening books to a 7 non call 4 dollar transaction on February 3. And many market participants are keeping a close eye on the deal as they see it as a benchmark for a sector that is still reeling from its first offshore bond default.
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Indonesian telecom tower operator Tower Bersama is looking to make its first appearance in the international bond market since making its debut in 2013, opening books for a seven non call four year dollar bond on Tuesday, February 3.
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UK insurance broker Towergate announced on Monday that a committee representing a majority of senior secured bond holders had finally agreed to cancel more than £600m of debt – and gain a 100% stake, leaving little if anything for unsecured creditors. But on Thursday, it was the unsecured creditors who grabbed the headlines.
