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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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A long-running attempt by Chinese oil company Hilong Holding to complete an exchange offer on a dollar bond has failed, after it confirmed a default this week. The situation has caused analysts to speculate on how it could have executed its deal better. Alice Huang reports. -
AMS had to discount its bond by an extra point and pay a higher coupon in the face of lower demand as it looked to fund the takeover of light maker Osram, after news broke last Thursday of a potential investigation into the company’s executives. That forced bookrunners to reopen the deal and take another swing at the market this week.
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UK discount chain B&M Value Retail has launched a £350m senior secured bond and a £300m term loan to refinance its whole capital structure — with help from the Arora brothers, the largest shareholders in the company, who will subscribe for £100m of the bond through their vehicle SSA Investments.
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Fiat Chrysler Automobiles, the Italian-American crossover-rated car company, launched €3.5bn of bonds into the market on Tuesday, days after its Italian arm had agreed €6.3bn of bailout funds guaranteed by Italy.
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BP’s announcement that it was selling $5bn of assets to Ineos — a sale the already leveraged group will fund largely through new debt — put selling pressure on existing Ineos debt on Monday; particularly that issued by its Styrolution unit, which will be the acquirer in the BP deal.
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Chinese property companies Times China Holdings and Golden Wheel Tiandi Holdings Co took a combined $470m from the bond market on Monday.
