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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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Global Cloud Xchange, a subsidiary of Indian telecommunications company Reliance Communications, unveiled its debut international bond on Thursday. The borrower is the third Indian high yield name to bring out a deal this week, with Greenko Dutch and Tata Steel, and is offering a five year non call two. -
Greenko Dutch announced its debut international bond on Wednesday, a dollar five year non-call three. Supported by strong investor appetite for Indian high yield, the issue was already covered by indications of interest when books opened, according to dealers.
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The trend for ever more highly leveraged corporate deals gathered pace this week, as France’s Sebia prepared to sign its buyout loan after receiving healthy demand from investors, even as it emerged that US regulators were cracking down on the supposed excesses of the leveraged finance market.
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Findus, the Swedish frozen food producer, has sold €200m of five year non-call one payment in kind notes. The PIK structure, though seen as aggressive by some, won't affect the company's rating, said Moody's.
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Nigerian oil and gas company Seven Energy has joined the burgeoning family of Africa high yield borrowers, picking banks for a benchmark sized debut dollar deal. An African mining corporation is also eyeing the high yield market, and bankers are expecting a steady procession of corporate deals from the continent throughout the rest of this year.
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TMF Group, a Dutch firm that provides accounting services to businesses, issued €65m of new bonds on Tuesday.
