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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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Zhenro Properties Group has ended the long absence of Chinese property companies from the dollar bond market, raising $200m from a transaction that was more than 10 times oversubscribed at its peak. -
Rubis Terminal made the first European high yield debut since the start of the coronavirus crisis, issuing a new €410m bond to fund a minority investment buyout by infrastructure specialist I Squared Capital. Business has boomed at the company, which operates bulk liquid storage, thanks to the collapsing oil price.
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While the US high yield market has delivered a deluge of secured rescue bonds to bail out airlines, cruise lines, car rental firms, hotels and other "zero revenue" virus casualties, European high yield has stayed sedate, cautious, and stuck to the safest sectors. Can the European bond market rise to rescue financing?
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Paper and pulp maker Sappi is raising a new €250m senior five year non-call two bond, looking to shore up its already ample corporate liquidity, following an existing agreement with its revolving credit facility (RCF) lenders to waive covenants until March next year. But despite the company’s actions, its outstanding bonds are quoted as low as 80, meaning it will likely have to pay up.
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Synlab’s multi-part liability management exercise has ended up leaning more heavily on the bond market than on loans, with the new FRN leg boosted from €400m to €850m, more than compensating for limited take-up from lenders asked to switch into a longer dated loan. But it should be little surprise that the bond went better, as it paid investors an extra 75bp for a near-identical product.
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As a crucial middleman in the oil business, Trafigura has had to cope with concerns about the creditworthiness of some of its counterparts, and unprecedented volatility in the oil price that saw the West Texas Intermediate (WTI) contract turn negative at the end of April. Christophe Salmon, the company’s chief financial officer, explained how the company has coped with the crisis, and how its funding approach, based on deep banking relationships and a secured financing structure, proved resilient to the chaos around it.
