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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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Thames Water (Kemble) Finance issued a £400m junk bond on Friday. The eight year secured note was priced at par with a 7.75% coupon, outside guidance of 7.5%.
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Exceptionally strong demand for high yield US dollar debt this week saw Mexican cement maker Cemex scrap the euro tranche of its bond issue, increase the overall deal size and even manage to complete it as a drive-by on Tuesday.
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European junk bond issuers took a short breather after last week’s Eu4.3bn record but issuance was still expected to reach Eu1.3bn by the close on Friday and bankers said supply was unlikely to slow soon.
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Europe’s junk bond investors were given a sharp reminder of the risks inherent in the market this week as deals from UK retailers widened amid concerns about their business outlooks. Electricals retailer Dixons issued a profit warning, while Matalan, a low cost clothing chain, was downgraded.
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Two European high yield borrowers were close to pricing deals on Thursday morning. Heidelberger Druckmaschinen and Thames Water are set to place Eu756m-worth of junk bonds, having finished roadshows on Thursday.