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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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Zhejiang Changxing Financial Holdings Group Co opted for a club-style execution for its $160m maiden international bond on Monday. -
ThyssenKrupp Elevator (TKE) is a deal of superlatives: the largest European high yield debut, the largest European LBO in over a decade, the last LBO before coronavirus, the most levered debut industrial, and the worst-ever covenant package — or at least, it was at first. Three days after launching the bond leg of the deal, the sponsors and leads capitulated, erasing almost every controversial term in the docs — perhaps the largest ever retreat and the biggest investor victory in the long-running war over bond covenants. But it’s too soon for investors to celebrate, as the episode only highlights how damaging this conflict has become.
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Lead banks on ThyssenKrupp Elevator’s landmark financing announced a sweeping set of amendments to a covenant package initially described as the "worst ever" seen in European high yield, rowing back in almost every sponsor-friendly area. The move is a major victory for bondholders that hoped the coronavirus crisis would reset the balance of power themselves and sponsors.
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Specialist transmission manufacturer Renk is marketing a high yield bond offering this week, testing the market’s capacity for companies in cyclical sectors — though marketing for the five year issue leans heavily on the company’s stable military and servicing contracts.
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A handful of Indian financial institutions have become the latest fallen angels, as pressure on the country’s economy and firms’ asset quality rises.
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Indonesian property bonds have taken a hit in the secondary market, following growing concerns that Modernland Realty will default on a bond due in July.
