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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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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. -
Lincoln Financing, the holding company of LeasePlan, hass tapped its senior secured 2024s for an extra €500m, looking to pay down payment-in-kind notes and fund its interest reserve. The deal follows last year’s €1.35bn issue, which paid down debt incurred when a sponsor consortium bought the company in 2016.
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RBC Capital Markets is beefing up financial sponsors, aiming to boost its European business during 2020, writes David Rothnie.
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Crossover credit Cellnex, the Spanish mobile phone mast owner, offered investment grade bond investors the chance to pick up some spread on Thursday, while unrated Air France-KLM waits in the wings.
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Chinese real estate issuers dominated the dollar bond market this week, with 16 developers pricing deals by Wednesday. Ample liquidity and a risk-on sentiment allowed most issuers to go long and cheap, but the mid-week volatility in the global market proved costly to some companies, writes Addison Gong.
