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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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Royal Bank of Scotland bankers have responded with a mixture of resignation, frustration and impatience to leaks about the strategic review of its investment bank. Sources say the bank envisages a maximum of 5,000 job cuts in its investment bank, half the number reported elsewhere this week.
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Bonds of Swiss refiner and petroleum product wholesaler Petroplus have slumped this week, as the company announced that banks had frozen its $1bn of uncommitted lines under a revolving credit facility. That caused a temporary economic shutdown of several of Petroplus’s refineries.
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Polish telecoms company Polkomtel is watching pricing in the US high yield bond primary market this week to determine whether to launch its deal next week.
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Irish packaging company Ardagh Group has agreed to buy French aluminium aerosol cans manufacturer Boxal from Exal Corp. The US aluminium manufacturer will receive about €85m from Ardagh, the Irish company said in a statement on Tuesday.
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Ford Motor Credit is on the verge of pricing the first US high yield bond of 2012. The notes will be a tap of its 3.875% 2015 and 5% 2018 notes.