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Disruptive US economic policy has not yet dented credit appetite
High yield investors nibble at IG names, as credit investors brace for ‘trillions’ unlocked from money market funds
Embattled utility makes final plea for court to sanction £3bn in emergency funding
Thames Water refinancing battle is an unedifying mess
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Deutsche Bank and Morgan Stanley have released price talk in the 13% yield area for Com Hem’s PIK. The payment-in-kind bond is being marketed with a seven year maturity and 1.5 years of call protection.
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Care UK, the British care home provider, is planning to sell a £75m tap of its 9.75% 2017 high yield notes by the end of the week.
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OTE, the Greek telecoms company, has reduced some of its debt maturing next year. The Caa1/B-/B- rated company repurchased €210.425m of its €1.25bn 5% notes.
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Com Hem is planning to sell the first payment-in-kind bond in Europe’s high yield market since last year. The Swedish cable operator, bought out by BC Partners last year, wants to raise €250m to refinance its PIK loan.
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Sappi, the Austrian-South African paper maker, has offered to buy back its 2014 high yield bond in euros. The tender offer for the 11.75% senior secured notes closes on Wednesday, November 21.
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Perstorp, the Swedish speciality chemicals maker controlled by PAI Partners, has sold around $1.08bn of bonds in three tranches. The high yield bonds were divided between $380m and €270m of senior secured notes and $370m of second lien notes.