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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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As the market prepares for Libors to end their run as the world’s most prevalent reference rates, there is growing support for the benchmarks to be reprieved. -
Country Garden-linked Bright Scholar Education Holdings made its debut in the offshore bond market on Wednesday, raising $300m from a heavily-covered transaction.
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The Swedish cosmetics company Oriflame is attempting to charm high yield investors with a €775m bond — but left lead Goldman Sachs is also pitching the issue to emerging market-focused accounts, highlighting the company's extensive business in Asia and Turkey. The founding family of the firm will use the bond to refinance bridge facilities which funded their buyout of the company earlier this year.
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Vivion, a property company formed in September 2018 and controlled by Israeli tycoon Amir Dayan, is preparing its bond market debut. The funds raised will be used to split the business into a property company (propco) and an operating company (opco), pay off acquisition debt for recently purchased hotels, and reorganise its corporate structure.
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Air Baltic, an airline 80% owned by the Latvian government, printed its €200m five year non-call three debut bond on Tuesday from an order book of €300m.
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With last week's high yield bonds performing well, a range of new deals has been brought to market to take advantage of strong demand. That was a complete contrast to the investment grade market where no new deals were announced on Wednesday.
