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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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The primary European high yield market took a breather this week following last week’s eight deal bonanza. Following a solitary pricing from Renault on Tuesday, the only other live deals were the UK’s House of Fraser and Gala Coral, which were meeting investors (see separate stories).
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UK gambling company Gala Coral on Thursday changed the structure of its planned bond issue to a more conservative one, offering a higher proportion of secured paper, and lowered the overall size of the issue from £650m to £625m. It will raise the extra £25m of debt through its parallel loan issue.
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China Shanshui Cement raised $400m in the international bond market this week, despite approaching investors after a heavy supply of deals from other Chinese corporations had pushed secondary market prices wider and prompted other companies to scrap their bond plans.
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Two UK high street names have been reaching out to European high yield investors this week. After gambling group Gala Coral’s launch of £650m of secured and unsecured 2018 bonds, fashion retailer House of Fraser is said to be starting a roadshow for a £250m seven year bond on Thursday.
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French carmaker Renault, a speculative grade cross-over credit rated Ba1/BB+/BB+, priced a Eu500m five year bond on Tuesday May 17, in line with final guidance at 185bp over mid-swaps.
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Ardagh Group's PIK notes were trading tighter on Tuesday after being priced inside guidance last Friday. The Irish metal and glass packaging company sold the equivalent of about Eu430m of euro and dollar senior secured 2018 PIK notes through sole bookrunner Citi.