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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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Loxam, the French equipment rental group, issued €660m of senior high yield notes at par on Friday to refinance debt. -
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 of procession of corporate deals from the continent throughout the rest of this year.
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Tata Steel is kicking off investor meetings for what could be an inaugural dollar and euro denominated deal this week. In addition to being the latest in a string of Indian borrowers to explore the euro market this year, the company joins a club of high yield issuers from India that are surfacing in dollars.
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Kosmos Energy has picked banks for a $300m seven year non-call three bond, and will launch it after finishing a roadshow on July 24.
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Lai Sun Garment priced a new four year on July 17 and used investor friendly covenants to achieve tighter pricing. The structure proved attractive and the book was nearly five times subscribed.
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Credit risk is escalating again in China’s onshore bond market, after Huatong Road & Bridge Group said on Wednesday that there would be “uncertainties” in paying interest and principal on one year commercial paper (CP) that falls due on July 23, because the chairman of the company is assisting with an investigation and has not yet returned.
