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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
Embattled utility asks judge to approve £3bn lifeline as creditor groups keep fighting
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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. -
Dometic Group, the Swedish company that makes appliances for mobile homes, started the week by launching a €250m seven year high yield bond that was tightly priced, perhaps partly because the credit market was otherwise fairly quiet.
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JP Morgan is marketing a single-B rated high yield bond to fund the acquisition of developer CG Gruppe by Consus Real Estate, a further sign that the bond market is wide open and keen to take down more aggressive, highly levered deals.
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Drax Group, the UK electricity generator, has launched a $200m tap of its 6.625% 2025 notes, to pay for part of its purchase of Iberdrola’s Scottish power assets earlier this year.
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Distressed Chinese oil and gas producer MIE Holdings managed to repay the remainder of a dollar-denominated 2019 bond on time, though the company still faces refinancing pressures.
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China’s Car Inc is out with the terms of its new money offer, following the closing of an exchange offer for its existing 2020 notes.
