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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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Power Construction Corp of China has raised $800m from a dual-tranche offering that keeps senior perpetual supply from Chinese state-owned enterprises (SOEs) alive. -
Green bond specialists are divided over whether proceeds of labelled green bonds can be used for operating expenditure, or whether they should mainly or entirely be used for capital expenditure.
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After Monday’s partial holiday across Europe, strong market conditions gave several high yield issuers confidence to press ahead with new issues on Tuesday. These gave investors options from investment grade-style refis to M&A trades, and executions proved strong, with International Game Technology and Aker boosting the size of their trades to take advantage of the backdrop.
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Danish wind farm operator European Energy has increased the size of its debut euro-denominated green bond, from the originally targeted €120m to €140m, on demand of more than €230m. The deal is one of only a handful of high yield issues to claim formal sustainability status, as ethical investment strategies gather pace in more corners of the capital markets.
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China’s Zhenro Properties Group wrapped up its first attempt at issuing perpetual bonds offshore this week, selling the note with a senior-to-perp differential that was tighter than some of its higher rated peers.
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The Green and Social Bond Principles’ executive committee has decided to leave the Principles unchanged this year, but is publishing three new documents on Thursday to help market participants. It also plans to launch an Advisory Council, to enable it to listen better to the concerns of the market.
