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Embattled utility makes final plea for court to sanction £3bn in emergency funding
Thames Water refinancing battle is an unedifying mess
Embattled utility asks judge to approve £3bn lifeline as creditor groups keep fighting
High yield issuers may be worried about market access, but some do not see them losing it
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Carton manufacturer SIG Combibloc has refinanced much of its capital structure with a dual-tranche three and five year bond, moving to an unsecured debt package as it targets an eventual investment grade rating. The pricing reflected its crossover rating, with the shorter tranche sneaking under 2%. -
Chinese property companies continued to pile in to the dollar bond market on Wednesday, with Radiance Group Co and Powerlong Real Estate Holdings using up their remaining fundraising quotas.
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The debt restructuring at China’s Peking University Founder Group is set to be a test case for offshore bonds backed by keepwell agreements, a structure often favoured by many mainland borrowers. The outcome of the restructuring looks set to influence the use of keepwell structures ─ and how these deals price.
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Virgin Media announced its fourth high yield deal this month on Wednesday, tapping last week’s sterling vendor finance notes and adding a dollar tranche as well, with Deutsche Bank and Credit Suisse back in the driving seat.
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Chinese real estate companies China Fortune Land Development and Ronshine China Holdings raised a combined $550m in the bond market on Tuesday, but their tight pricing did not appeal to all investors.
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Central China Real Estate and Greenland Holding Group Co raised a combined $900m in the international debt market on Monday.
