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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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Beijing Infrastructure Investment Co showed it is still possible for a Chinese local government financing vehicle (LGFV) to pay little new issue premium for a bond, but its move came at the expense of its order book dropping by a third. -
Private equity firms Bain Capital and Cinven are financing their purchase of a further 28.3% stake in Stada Arzneimittel, the German pharmaceutical group, in the euro leveraged finance markets this week, and are having to contend with investors who are in a risk-averse mood.
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Private school operator Cognita was the first borrower in a week to attempt an issue in the euro high yield market with a sub-benchmark size deal. It sought funding for its acquisition by Jacobs Holding, the Swiss investment and charitable firm, but pulled the bond deal after weak demand.
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A number of sub-investment grade rated property developers and local government financing vehicles (LGFVs) used private-style executions for their public transactions this week — an increasingly popular approach among Chinese bond issuers.
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Yanzhou Coal Mining Co pursued a $275m deal on Thursday, altering its initial fundraising goals to score a tightly priced transaction.
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Between sleeping and waking, there is a middle phase: you realise it’s time to get up, but can’t quite bear to admit you need to get out of bed. London’s debt capital markets teams are in that zone. Brexit’s alarm has sounded, but few are eager to haul themselves into the cold air of Frankfurt or Paris.
