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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 healthy demand for Schaeffler’s three tranche bond issue on Tuesday October 21, €1.2bn-equivalent of senior secured payment-in-kind toggle notes, will help the German car parts company to cut the interest rate burden of its indebted holding company.
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Asset managers Tikehau IM and Emisys have provided a six year €14.2m unitranche bond facility for the acquisition by a group of investors led by LBO Italia of GF SpA, a manufacturer of automated filling machines for the pharmaceutical industry. It is the first time such a debt structure has been used for this type of deal in Italy, people involved said.
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IDBI Bank priced a five year dollar bond on October 20. While volatile markets saw the issuer pay some new issue premium, it managed to take advantage of a good window to price just wide of its curve. -
Tata Motors (TML) is looking to defy the poor performance of Indian high yield credit and is in the market with a 5.5 year dollar bond. Despite Thursday being a national holiday in India for Diwali, bankers said that the borrower was keen to take advantage of a constructive window amid recent volatility, and books are building well.
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The healthy demand for Schaeffler’s three tranche bond issue yesterday, €1.2bn-equivalent of senior secured payment-in-kind toggle notes, will help the German car parts company to cut the interest rate burden of its indebted holding company.
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Axa Investment Managers this week opened up to investors a new fund to offer flexible exposure to the US high yield market by investing in cash bonds along with an overlay of credit default swaps, to enhance potential returns over traditional US high yield funds.
