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High yield investors nibble at IG names, as credit investors brace for ‘trillions’ unlocked from money market funds
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Thames Water refinancing battle is an unedifying mess
Embattled utility asks judge to approve £3bn lifeline as creditor groups keep fighting
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China’s Dr Peng Telecom & Media Group Co is looking to extend the maturity date of a bond coming due in June. -
Recent dollar bonds in Asia offer timely insight into the ingredients needed to seal deals in the Covid-19 environment.
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Companies in the US high yield market have started adding a "corona claw" provision to bond documents, allowing a big chunk of new bond issues to be paid back early if the company gets cash from the federal government. But it’s not clear yet where any public money will fit in the capital structure of leveraged corporates — and whether bondholders could end up primed by the government.
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Lenovo Group took a cautious approach to its $650m bond issuance last Friday, opting for size instead of price and offering investors a hefty premium for its deal.
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European capital markets have continued to function well during the coronavirus crisis, according to a report released on Monday by the Association for Financial Markets in Europe (Afme). However, in terms of primary market activity, the industry body’s data shows quite how sharply issuance has skewed towards investment grade, with riskier debt and IPO markets closed off.
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The UK government has filled one of the last gaps in its offer of financial help to companies struggling with effects of the coronavirus, by removing the cap of £500m revenue, which had barred many medium-sized companies from accessing government loans — raising the possibility that high yield bond issuers could tap loans for a variety of purposes.
