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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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Investor meetings for Croatian national electricity company Hrvatska Elektroprivreda (HEP) have faced disruption due to the storm in the US, but the process was recovering on Wednesday, according to bankers.
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Swedish specialty chemicals manufacturer Perstorp has announced plans for a $1.09bn-equivalent debut high yield bond issue in euros and dollars.
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Hurricane Sandy, the storm that is battering the east coast of the US, has halted plans for the launch of at least two transatlantic high yield bond issues. With Wall Street closed for a second day in a row on Tuesday, the European market had not launched a deal this week until Tuesday afternoon.
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Rütgers, a German company that makes chemical raw materials from coal tar, has become the latest addition to Europe’s LBO pipeline, as Indian industrial group Rain Commodities has agreed to buy it for €702m.
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Czech electricity generator EP Energy sold its debut bond on Wednesday, enjoying a book that was more than three times covered. The firm, rated BB+ by Fitch, sold €500m of seven year secured notes rated BBB-.
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Virgin Media, the UK cable TV and telecoms company and one of the darlings of the European high yield market, sold a hefty $1.54bn-equivalent of senior unsecured notes in sterling and dollars on Thursday. The deal was increased from $1.25bn due to strong demand.