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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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Natasha Harrison, the heir apparent to fabled law firm Boies Schiller Flexner, told GlobalCapital that while she was not expecting a collapse in corporate credit coming out of the coronavirus, there will be big opportunities for sophisticated distressed debt investors.
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Hurricane Energy’s restructuring plan has been thrown out by the High Court, in a victory for shareholders led by activist fund Crystal Amber, which are now poised to replace the board of the troubled oil drilling firm. The judgement underlines the care with which companies must exercise when seeking to use the new ‘cross-class cramdown’ features of the UK’s restructuring law.
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West China Cement returned to the bond market this week after an absence of nearly seven years to raise $600m.
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Four Chinese local government financing vehicles courted dollar investors on Tuesday, raising $870m between them.
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The flurry in European leveraged credit supply continues this week, as trigger-happy investors push for deals further down the credit curve amid record low levels of corporate distress.
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The tide of leveraged finance docs has gone out, and it isn’t coming back in. Lenders have only the comforting embrace of sponsors to rely on. But that’s the game today, and you have to play it.