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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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Markit, the financial information provider, will increase the number of constituents in its iTraxx Crossover index of credit default swaps by 20%, as the European high yield market keeps growing. -
French carmaker Renault obtained a whopping €6.2bn book for its €500m seven year bond yesterday, as it rode the wave of demand for crossover-rated corporate bonds.
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Bond bankers love an orderly market, and this week's European corporate bond space has been the epitomy of that. Three large companies issued big European deals in the first two days of the week, with no sense of investor strain.
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Gemdale (Asia) Investment launched a three year Dim Sum bond on Wednesday to refinance its existing bonds after an ownership change at the company triggered a change of control put. Bankers on the deal argued about whether perceptions of weak demand were down to negative economic headwinds from China rather than the CoC, however.
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Renault, the French carmaker rated Ba1/BB+, benefited from the strong demand for crossover credit today when it priced a €500m no-grow bond with a new issue premium of just 5bp.
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IFC Development could make its first appearance in euros this week, with bankers expecting the borrower to launch a three year deal following a successful roadshow in Europe.
