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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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Tata Steel announced a 5.5 year and 10 year dollar denominated dual trancher on Wednesday afternoon. The borrower is the second from the Indian high yield arena to open books for a debut dollar deal today, joining renewable energy company Greenko. -
While other markets might slowly be coming to a close for the summer, high yield is experiencing one of its busiest weeks this year. Investors are using the strong demand for speculative grade debt to push for better terms and higher rates. Meanwhile, UK supermarket chain J Sainsbury has signed what it says is the first ever corporate green loan.
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Greenko Dutch announced its debut international bond, a dollar five year non-call three, on Wednesday. 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 idea of the US leveraged finance market being regulated – even down to the debt multiples on deals – may seem far-fetched. But it is becoming a reality. Tangible evidence is beginning to emerge of US banks turning down deals because they do not want to fall foul of regulators that frown on over-leveraged or risky financings.
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Winoa, the French maker of steel abrasives and diamond cutting tools, has withdrawn a planned €260m senior secured bond issue amid fears that market volatility would make terms unfavourable for the issuer.
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PizzaExpress, the UK restaurant chain, wants to issue £610m of notes to fund its leveraged buyout by Chinese private equity firm Hony Capital.
