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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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European high yield is still moving fast ahead of next week’s SEC deadline, which will see earnings numbers for the third quarter 2019 go ‘stale’ and force issuers to market deals on their Q4 figures. Monday brought three more mandates for more than €2bn in total, on top of a roadshow already announced for Fedrigoni. -
Together Money has refinanced its 2021 high yield bond with a new issue, taking advantage of strong conditions and a dearth of sterling supply to take more cash off the table and pay down its revolver too.
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Jes Staley’s strategy has been vindicated, with Barclays’s corporate finance bankers having a banner year. But it has to invest in its European franchise to cement its credentials as the region’s leading investment bank, says David Rothnie.
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Tikehau Capital has taken over a US high yield fund formerly managed by Semper Capital Management, bringing over the portfolio managers that run it as well. It is part of the firm’s plan to rebalance its business and boost its liquid strategies offering.
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Together Money is preparing to refinance its 2021 high yield bond with a new £385m senior secured issue, the first sterling deal of the year. The storming performance of the euro and dollar markets have meant that, despite the increased post-election appetite for the UK currency, it simply cannot compete on pricing for many issuers.
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French fashion house Isabel Marant made its high yield bond debut this week with a €200m dividend recap deal.
