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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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Dual currency high yield bonds to fund EG Group’s purchase of Woolworth’s petrol stations in Australia hit screens on Tuesday morning, the long-anticipated second slug of a financing part-placed in Australian dollars. The all-bond issue flies in the face of recent market trends, which have seen comparably-rated loans price well inside EG’s initial price thoughts. -
The Asian debt markets have been hit with a number of defaults from Chinese borrowers. China Minsheng Investment Corp (CMIG) has missed bond payments, as has Kangde Xin Composite Material Group.
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Three Chinese property companies courted high yield dollar investors on Wednesday, raising a combined $827m.
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Melco, the casino operator, played its US investor cards on Wednesday to build a $500m bond sale.
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Bonds of Intralot, the Greek gambling technology company, fell on Tuesday, after an earnings release that disappointed investors and confirmed that it was in breach of leverage covenants in its revolvers. High yield research firm Lucror Analytics argued that it was now ‘imperative’ for the company to renegotiate these terms.
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SMC Global Power Holdings Corp (SMCGP) sold a rare perpetual bond on Tuesday, proving that investors still like the format and the rarity of a Philippines credit.
