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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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Just two Asian borrowers visited the international debt market on Monday, raising nearly a combined $800m ahead of the public holiday on May 1. -
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.
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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.
