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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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China Aluminium International Engineering (Chalieco) priced its debut international bond last Friday, issuing a senior perpetual non-call three that pays 6.875%. The borrower opted for a non-call three structure to save costs but this also made the bond more investor-friendly, which meant it was able to shave 37.5bp off initial pricing.
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Kerneos has increased its high yield debut deal by €15m to reduce the equity contributed by its new private equity owner Astorg Partners. The French maker of calcium aluminate cements has also released tight price guidance for the two tranche deal.
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HellermannTyton, the UK cable accessories maker, has signed a €230m five year revolving credit facility to refinance its bonds and an €80m undrawn revolver.
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Polish media group Cyfrowy Polsat is in talks with banks to refinance around €589m-equivalent of debt as it seeks to fulfill the necessary conditions to complete its purchase of Metelem Holding Co, owner of telecom firm Polkomtel.
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Banca Popolare di Vicenza is preparing to launch a platform for the issuance of minibonds in Italy, believing that it has solved several of the technical challenges facing the market.
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Kerneos is enjoying great interest from European high yield investors, as price pointers emerge. The French maker of calcium aluminate cements is benefitting from the low levels of new issuance, while funds keep receiving net inflows.