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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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Asia’s dollar bond issuers hit pause this week as all eyes turned to the outcome of the nail-bitingly close US presidential election. With the result still uncertain on Thursday, but signs showing a Joe Biden victory as a possibility, some bankers in the region reckon the debt market may be at full throttle from next week. Morgan Davis reports. -
Fujian Yango Group Co returned with another high yielding bond on Tuesday, making it the only Asian issuer to brave the primary dollar debt market ahead of the US election.
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Aston Martin’s rescue financing was battered by brutal markets late last week, with the Crossover widening around 40bp between announcement and pricing, and risky triple-C rated bonds selling off still further. Tuesday’s price talk of high 8% to 9% proved far too ambitious for the troubled UK car manufacturer and the deal eventually cleared at 10.5% on Friday afternoon, with investors offered extra upside through a longer non-call to tempt them into the book.
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Shandong Iron & Steel Group Co was forced to pay 50bp more than it expected for a new $500m three year bond on Thursday, despite trying to appeal to investors with a positive spin on its future fundraising plans.
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BNP Paribas has shaken up its advisory business to address underperformance in its home market, but this must be more than a quick fix to restore national pride, writes David Rothnie.
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A Climate Bonds Initiative and Credit Suisse document on ‘financing credible transitions’ may help to create a market standard for judging when a company is moving to a net-zero carbon future. One of its creators said that, in theory, firms could raise dedicated transition equity as well as debt.
