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Sustainability-linked bond had to cope with tariff and German debt news
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
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Companies could be stopped from picking their favourite jurisdiction for restructurings, if a crucial ruling over the fate of troubled heat exchanger firm Galapagos SA goes in favour of a group of high yield bondholders. -
Troubled airline Norwegian Air Shuttle has offered high yield bondholders security over its take-off and landing rights at London’s Gatwick Airport, in exchange for agreeing to extend the maturity of the debt.
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Europe’s patchwork of insolvency laws gives canny corporates and creditors the chance to pick the jurisdiction they want to use. That leads to absurd outcomes — and the sooner it ends, the better.
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The European high yield bond market was built on telecoms companies, but in the last month their share has shrunk, as several have shored up their capital structures ahead of the heavy financial lifting set to be required for 5G infrastructure. More than €10bn of high yield bonds are likely to be repaid, leaving investors sitting on piles of cash going into September.
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Korean Air Lines Co returned to the policy bank-guarantee structure for its latest offshore bond this week, raising $300m at a favourable price.
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The local government has thrown a lifeline to Qinghai Provincial Investment Group Co, helping it pay off a dollar bond coupon a week after it was due. But more looming payment deadlines are set to cause the company a headache. Addison Gong reports.
