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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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After a week without any high yield issuance, Verisure launched €1.1bn of dividend recapitalisation and refinancing bond deals this week. The market was already growing busier under tighter secondary spreads and a new refinancing deal from Intertrust. -
The People’s Bank of China has warned that companies such as China Evergrande Group, Fosun International and HNA Group can pose major risks to the country’s financial sector. But even before being singled out by the central bank, these companies have struggled in the offshore capital markets.
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The euro leveraged loan market appears keen to counter recent criticisms against lack of financial maintenance covenants with yet more cov-lite issuance, including a buyout deal from private schools operator Inspired.
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China National Bluestar (Group) Co paid a handsome new issue premium for a $300m senior perpetual bond amid weak sentiment for the structure, as its deal caused a widening in the broader Chinese senior perp market.
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China Evergrande Group’s $1.8bn return to the bond market this week split opinion. The ultra-high yield deal, which sent the company’s secondary bonds spiralling, was largely sold to Evergrande’s chairman — a move that attracted a mix of outrage and admiration. Morgan Davis reports.
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Corporate debt investors have the jitters, with fears over a potential wave of defaults and low levels of recovery expected to materialise following a trend towards covenants that offer them ever less protection spreading from the leveraged finance world to the wider market.
