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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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Michele Colocci has left JP Morgan and will rejoin Morgan Stanley as chairman of M&A. -
For the second week running, high yield is making the pace in European corporate bond markets, with a further heavy slug of new issues after last week's splurge of supply.
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Telecoms giant Altice announced a €2.8bn-equivalent dual currency high yield bond on Tuesday through Goldman Sachs. Along with the proceeds of the new notes, the group will spend €1.5bn to cut group leverage — a crucial move, as telecoms firms grapple with the high capital costs of preparing for the rollout of 5G technology.
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The retail industry is in deep trouble, especially in the UK, where every other week it seems a storied High Street name tumbles into financial distress. Private equity sponsors, which owned many of the collapsed names, take much of the blame, but they were also victims of structural changes that battered the industry.
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Just two Asian borrowers visited the international debt market on Monday, raising nearly a combined $800m ahead of the public holiday on May 1.
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Fitch has downgraded Tewoo Group, a Chinese state-owned commodities trader, by six notches, citing the company’s weak liquidity and high leverage. The Tianjin government’s financial ability to support its related entities was also brought into question.
