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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
Embattled utility asks judge to approve £3bn lifeline as creditor groups keep fighting
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There was a mixed bag of views across the capital markets after the European Central Bank unleashed a new comprehensive stimulus package on Thursday, comprising restarting net bond buying, a rate cut and a tiered deposit rate system for banks. -
Moody’s slashed Ford’s rating from Baa3 to Ba1 on Monday, placing the company in precarious crossover territory, with S&P and Fitch holding the firm at BBB with negative outlook. Other falling angels may land in the junkyard soon as the triple-B sector has ballooned to record levels.
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Goldman Sachs and Citi have announced a dual currency eight year secured €1.5bn bond for Altice France, hoping to take advantage of low absolute rates to cut borrowing costs and extend its debt maturities. The bond-only deal follows Salt’s successful refinancing and dividend deal, which saw bonds come in appreciably cheaper than loans.
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Chinese local government financing vehicles (LGFVs) Tianjin Binhai New Area Construction & Investment Group Co and Changde Urban Construction Investment Group Co both relied on anchor support for their dollar bonds, after recent negative headlines about the sector.
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Chinese issuers Country Garden Holdings Co, Guangxi Communications Investment Group Corp and Shuifa Group, all of which have investment-grade ratings, have sold well-supported dollar bonds to investors.
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Citadel has cut its operation investing in European high yield, with the departure of one senior portfolio manager who first worked at the firm in 2003.
