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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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Southern Water (Greensands) has launched £250m worth of eight year senior secured bonds under its EMTN programme, according to a banker close to the deal.
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French private sector finance company Wendel launched a euro denominated seven year unsecured junk bond to refinance bank debt on Monday. Guidance of 6.875% was released on Monday afternoon, and pricing may follow before the end of the day.
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With Eu1.55bn worth of deals priced, supply from European high yield borrowers kept coming this week. More issuers are expected to follow next week, among them French container shipping company CMA CGM, the UK’s Boparan and Germany’s Valensina. All are on roadshows.
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European junk bond supply in April could beat March’s record of Eu7.2bn if this week’s pace is kept up. Over Eu2bn of deals had been printed by Thursday, with at least Eu1.4bn more expected next week.
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Low-cost clothing retailer Matalan shrugged off last week’s downgrade to print a £250m five year junk bond on Wednesday. The company did have to pay up, however, to placate investors’ concerns about its business and the wider UK retail sector.