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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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Eastman Kodak has filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the Southern District of New York, the company announced on Thursday. This will cause the company’s stock to be delisted from the New York Stock Exchange, but the consequences for Kodak’s bonds are still unclear.
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Polish telecoms firm Polkomtel issued its long-awaited bond on Thursday, clearing at last one of the backlog of leveraged buyout bridge loans that have been stuck on banks’ books since the high yield market seized up in July.
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In the homeland of high yield bonds, the market is booming, thanks to supply from both sides of the Atlantic. Besides the influx of European issuers pushing into the dollar market (see page 17), investors are waiting for six other deals worth $2.115bn to be priced.
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Italian directories company Seat Pagine Gialle is working on a final consensual restructuring proposal due out by January 30. Lenders and bondholders will then have three weeks to strike a deal, or bankruptcy proceedings will move forward.
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German kidney dialysis specialist Fresenius Medical Care this week reopened the European high yield primary market in both dollars and euros, bringing the first deals in either currency since November 2011 — and the largest ever transaction for the company.
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If January predicts the market for the whole year, high yield issuance in European currencies is in for some dire months, as borrowers are turning to the dollar market for funding. This week was the strongest indicator yet that the dollar-chasing will continue, as four European companies joined the exodus.