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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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Europe’s corporate bond market is on classic form, swallowing six-tranche monster deals, hybrid issues paired with senior and other juicy trades day after day. Vodafone’s £3.4bn mandatorily convertible bond grabbed the attention on Tuesday with coupons that looked astonishingly low for sub debt, but behind it all is a rally caused by, of all things, economic uncertainty. -
India’s ReNew Power returned to the dollar market for a $375m bond on Tuesday, continuing its trend of using complicated deal structures to overcome strict regulations.
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Indonesian textile company Delta Merlin Dunia Textile made its debut in the dollar bond market on Tuesday. But first it had to overcome a huge range of value estimates from investors.
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Hong Kong-based New World Development Co was able to find enough demand to cover a $500m ‘fixed-for-life’ perpetual bond, returning to a structure that lost attraction amid expectations about rising rates.
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The brief default of a dollar bond by local government financing vehicle (LGFV) Qinghai Provincial Investment Group last week caused next to no impact in the China offshore bond market. That is a bad sign.
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Nokia had much to be thankful for on Monday when it issued a €750m seven year bond at 170bp over mid-swaps — the same level at which its older five year bond was trading at the beginning of this year.
