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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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Pharmaceutical company Stada announced a €200m bond on Tuesday, a "mirror" of its existing 3.5% 2024s. The new issue is rated B2 at Moody’s, making it one of the lowest rated issues to have surfaced in euro high yield since the coronavirus crisis hit, but Stada is one of the least affected issuers in the market, and said that March 2020 saw its highest ever monthly production. -
BNP Paribas blamed European authorities’ restrictions on 2019 dividend payments for losing it €184m in its equities business, when it released its first quarter results on Tuesday. However, in debt capital markets and fixed income, currencies and commodities (FICC) it was a more positive picture, as the bank took advantage of a surge in debt origination and electronic trading.
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Prospects are rising of a return to normal merger and acquisition activity, despite the continued grip of the Covid-19 pandemic. Telefónica, the Spanish telecoms group, has confirmed it is in talks about combining its UK mobile business O2 with Virgin Media, the quad play telecoms firm owned by Liberty Global.
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Jacques Callaghan, formerly of Macquarie Capital, has joined HSBC as head of UK mid-market M&A, concentrating on a wedge of companies that are important to the bank’s new strategy.
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Norwegian Air Shuttle is close to receiving vital loan guarantees from Norway, as shareholders voted through a near $1bn-equivalent debt to equity swap from bondholders and aircraft lessors.
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Norwegian Air Shuttle improved the terms of an offer to bondholders for a second time this week, just hours before the deadline for its creditors to agree on a restructuring plan that it hopes will eventually unlock a state rescue.
