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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
Embattled utility makes final plea for court to sanction £3bn in emergency funding
Thames Water refinancing battle is an unedifying mess
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Galapagos, the German heat exchanger manufacturer, unveiled a restructuring plan on Friday afternoon that it said was backed by all the lenders in its revolver and more than 79% of the senior secured notes. Unsecured creditors, represented by Gleacher Shacklock, now have to decide whether to back the plan — which offers them little cash, but a chance of equity upside. -
Mitsubishi UFJ Financial Group has appointed a banker from Santander to lead its sector coverage for the technology, media and telecommunications (TMT) industries in Europe, the Middle East and Africa.
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Credit default swaps on UK retailer New Look will pay out 100% of notional, after an auction on Wednesday attracted no buying interest at all, leaving a final price of zero, an event almost without precedent.
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Cinema company Vue International has relaunched the refinancing of its capital structure that was mooted last year. It wants to clear out sterling and euros high yield bonds and replace them with euro loans.
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Ping An Insurance (Group) Co of China raised $400m from a bond sold through its real estate business on Tuesday. While the deal carried the weight of the Ping An name, the issuer’s aggressive pricing strategy scared some investors off.
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UK-based debt purchaser Cabot Credit Management has extended its maturity profile with an opportunistic refinancing of its 2021 high yield notes, with solid demand for the deal allowing it to redeem a sterling tranche as well.
