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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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Obrascón Huarte Lain, the Spanish construction and concessions group, pounced on a super-tight high yield market today to issue a €300m bond, and found demand so strong that it was able to increase it to €400m.
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Premier Foods, which is bringing a £475m high yield bond this week as part of a wider recapitalisation that also includes a £353m equity issue, accelerated the deal today and now plans to price it on Thursday, originally intended to be the middle day of its roadshow.
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The high yield market is repricing – and despite one of the most alarming episodes in post-Cold War history, it is repricing tighter.
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Russia’s incursion into Ukraine may be “the biggest crisis in Europe in the 21st century” according to UK foreign secretary William Hague and certainly looks set to reshape international relations. But you wouldn’t guess it from financial markets.
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A long-awaited first default in the Chinese onshore bond market looked inevitable late on Tuesday night when Shanghai Chaori Solar Energy Science and Technology Company posted an announcement on the Shenzhen Exchange saying that it would not be able to pay creditors when its second annual interest payment of Rmb89.8m falls due on Friday. -
Deviation from the norm always draws out the naysayers. So when Gemdale (Asia) Investment issued a tap just two days after it priced a Rmb750m ($122m) three year bond, critics wasted no time in decrying the tactic. But as the issuer was looking to get the funding it needed without upsetting secondary markets, such flexibility should be applauded.
