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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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Price discovery was in focus for a $400m debut bond from Philippine conglomerate Aboitiz Equity Ventures (AEV) on Thursday, as the unrated company brought out a rare 10 non-call five year senior deal from the country. -
Shriram Transport Finance Co appealed to investors in the US by selling a social bond that flew off the shelves, allowing the Indian non-banking financial company to raise $500m.
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Improved market conditions and a more realistic pricing target allowed a failed deal in December from a local government financing vehicle (LGFV) to sail through this week, while two more property developers joined an offshore funding spree from the sector.
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Norwegian oil exploration and production company Aker BP took advantage of its second investment grade rating, out of three, received in November, to position itself as an investment grade issuer and print a dual tranche five and 10 year deal this week.
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Kentucky-based speciality chemicals company Ashland sold a €500m eight year non-call life unsecured high yield issue on Thursday, bringing European high yield's first proper deal of the year, as part of its efforts to clean up its capital structure and switch to an unsecured financing profile.
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Altice International jumped at this week’s strong market conditions, launching a €2.8bn-equivalent refinancing, hitting the lowest ever coupon level for the telecoms group and saving itself €187m in annual interest. The strong execution, with a size increase and performance in the aftermarket, shows a market wide open for other well-followed high yield names looking for a refinancing opportunity.
