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Specialist moves after 18 years in the market
New dangers are making deals harder to do, but pricing for the haves is still tight
Manager refinances 2023 deal, reset in 2024
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Investors rewarded Zhenro Properties Group for selling its first green bond this week, pumping orders into the $350m transaction and allowing the issuer to price the deal at its lowest coupon ever. -
Hong Kong-based conglomerate First Pacific Co had to navigate underperforming bonds from peers and difficulties around price discovery for its $350m bond return.
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NewOcean Energy Holdings is seeking consent from banks to postpone a principal payment on a $150m loan signed in 2016.
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Market observers believe that investors in open-ended debt funds need to be disincentivised more than they are at present from scrambling to liquidate their holdings in a market downturn.
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Issuance of sustainability-linked bonds is set to resume next week, after a year’s hiatus since the product was introduced by Enel, the Italian power and gas company. Many possible deals have fallen by the wayside, as market participants have realised the structure is more difficult to use than they had thought. But Suzano, the Brazilian paper company, will roadshow an issue on Tuesday and Wednesday and other transactions are expected in the coming months.
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Once Schuldschein market darlings, auto parts suppliers are beginning to look to lenders like they may be in distress. Some fear a wave of credit restructurings on the horizon, when the market's lean documentation standards are likely to be tested.
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