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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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Industrial Securities (Hong Kong) Financial Holdings, Zhengzhou Zhongrui Industrial Group Co and Shandong Iron & Steel Group Co priced international bonds during the last days of 2019, capping a strong year for Asia’s debt market. -
Chinese solar power operator Panda Green Energy Group has extended the deadline of a distressed exchange offer. The new note issuance will now be finalised in the same week that its $350m bond becomes due.
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More dollar bonds from Vietnam will come to the market in 2020, despite ratings agency Moody’s changing the government’s outlook to negative this week.
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The Financial Stability Board warned on Thursday of growing vulnerabilities in the leveraged loan and CLO markets. Increased leverage, weak covenants and the rise of non-bank lenders have added risk and complexity to the market, according to the global watchdog of the financial system, and the investors don’t have enough visibility on the debt instruments they’re buying.
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Bond investors are set to start the new year with some trepidation, due to uncertainty around the US-China trade relationship and rising defaults in the Mainland. While there will be opportunities, not all issuers will have easy access to liquidity as buyers turn selective.
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Europe will probably see an increase in rates of corporate defaults in 2020 as credit quality deteriorates. Moody’s expects the rate of defaulting junk-rated issuers to triple, pushing the figure above the long-term average after an extraordinarily quiet year.
