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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
Embattled utility asks judge to approve £3bn lifeline as creditor groups keep fighting
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Each week, GlobalCapital journalists share some of the most interesting things they have been reading, from the profound to the quirky. This week has been marked by widespread protests across the US and the wider world, in reaction to an unarmed African-American man, George Floyd, dying while a policeman knelt on his neck in Minneapolis. -
Zhenro Properties Group and Seazen Group took advantage of a lack of high yield dollar bond supply in Asia to raise $600m between them on Thursday.
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Travelodge has opted to restructure its debts through a CVA rather than using the UK’s new restructuring framework, shortly to become law. That means landlords are likely to be the losers, rather than bondholders.
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The European Central Bank disappointed corporate bond markets on Thursday, as expectations had been running high for an extension of its purchase programme to include "fallen angel" companies that held investment grade ratings before the coronavirus crisis hit. But the €600bn boost to its overall asset purchases may hold spreads in.
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Chinese property developer Kaisa Group Holdings reset the price for all of its bonds on Wednesday when it sold a $300m sub-one year note.
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Virgin Media, the UK cable company, has announced a new sterling issue from its vendor finance high yield bond programme, following a dollar deal on Monday, as it terms out funding and prepares for its merger with UK mobile company O2.
