Loans and High Yield
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Debt buyers piled into the first high yield bond deal from UK supermarket chain Tesco, which increased its offering by half and reached investment grade pricing as order books swelled to eight times the initial benchmark size. -
The UK’s Ithaca Energy has signed $700m of loans, five months after pulling out of a high yield bond deal.
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Secondary spreads in corporate bonds have widened in October, somewhat in line with the sell-off in all global markets. US credit spreads have suffered more than European, but some investors don’t see the move as material, for now.
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Some traditional investors in European high yield bonds are showing growing interest in lower rated paper. But a closer look at market dynamics suggests that, rather than just newfound risk appetite, the presence of occasional buyers in the market may also be pushing them down the ratings ladder.
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High yield rated UK supermarket chain Tesco has launched a new bond with investment grade style features to fund tender offers for eight outstanding bonds, just days after a recent rating upgrade from Fitch Ratings.
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A $1.1bn loan to take India’s Vedanta Resources private was launched into general syndication at the beginning of the month, with Credit Suisse and Standard Chartered at the helm.
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Indonesia’s Titan Infra Energy is tapping the offshore loan market for the first time for a $450m five year loan.
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US gas group Ugi International opened a roadshow for its first ever bond this week, while European borrowers step back from the market.
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China's Jiayuan International Group made any unusual move by coming to the bond market on Friday last week, for the refinancing of a November maturity.
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Taiwan’s Mei Ta Industries has returned to the offshore market after three years for a €220m ($254m) dual tranche borrowing.
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The advance of global warming, highlighted by the Intergovernmental Panel on Climate Change’s report this week, not only demands that the private sector accelerate efforts to cut carbon emissions. Companies must also adapt to the changing climate – and this will involve interacting in new ways, experts say.
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Irish boutique investment bank Rubicon Infrastructure Advisors has hired two bankers with over 40 years of experience to expand its business into the UK.
