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Spread on triple-A rated notes 4bp wide of recent tights
Deal will bring fourth major multilateral development bank to the market
Spread on triple-A rated notes falls by 15bp compared with previous deal
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A jump in US Treasury yields at the end of last week sparked a bout of volatility in US equity markets and dented appetite for US high yield bonds, with investors pulling record volumes of cash from funds tracking the sector on two consecutive days this week. -
High yield spreads have widened by 25bp in the past week as the rise in Treasury yields dents fixed rate products, although the market remains at historically tight levels.
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WeWork’s sole high yield bond rose by three points in secondary trading on Wednesday after reports that Japan’s SoftBank Group was in talks to buy a majority stake in the shared workspace provider.
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S&P Global Ratings said on Tuesday that a post-crisis borrowing binge has put US corporate leverage at an all-time high, leaving firms vulnerable to downgrades and defaults. But a strong US economy and receptive capital markets are soothing investor concerns for now at least.
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Corporate and structured credit specialist CIFC is building out of its European operation, hiring Dan Robinson from Apollo Global Management as CIO.
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The early part of last week saw US high yield bond funds enjoy big inflows, with spreads grinding to post-crisis record tight levels. But a spike in Treasury yields on Friday has helped reverse some of those flows, and polarise investor sentiment on the asset class.
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Thomas Falkus has joined White & Case as a partner in its global capital markets practice to help expand the firm’s CLO and securitization business.
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Commercial real estate CLOs have boomed as an asset class in 2018 and have been a major driver of steepening competition among CRE lenders. But investors and issuers at CREFC’s inaugural CRE CLO conference in New York highlighted that there are still speed bumps that may prevent the market from taking off in 2019.
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American Tire Distributor (ATD) filed for Chapter 11 bankruptcy on Thursday after battling shifts in the tire industry that saw two major manufacturers cut ties with the firm earlier this year.
