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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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Italian shipping company Moby Lines has signed a standstill agreement until the end of the month with bondholders and requested that senior lenders also refrain from enforcement, as restructuring talks progress. -
High yield is mostly in a hiatus, with issuers waiting for full year numbers before pushing back into the market. Only UK broadband company TalkTalk is issuing this week, offering a rare slug of sterling supply to a market that has been euro-dominated for most of the year. For the corners of the loan market without such problems, though, there is still a bid, even for credits with stories.
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Zhongliang Holdings Group Co has raised $250m from a 364-day deal, on the back of revived trading in Chinese high yield property bonds.
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Andrew Scotland has become co-head of Bayside Capital’s special situations debt activities in Europe.
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TalkTalk has mandated only the second sterling high yield issue of the year, unveiling a £500m unsecured five year to take out its 5.375% 2022 and pay down a portion of its revolver. Sterling supply has lagged the broader high yield market, which has seen one of the best starts on record in euros and dollars
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Dollar bonds sold by Chinese high yield property companies recovered from their trading lows at the end of January to become some of the highest performing notes in Asia last week. While that has created some positive momentum for the deals set to come to the market soon, analysts remain cautious.
