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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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China Evergrande Group raised $1.8bn in an unusual three-tranche deal on Tuesday that saw its chairman purchase $1bn of the notes as a show of support for the company. -
Oceanwide Holdings Co, a Chinese conglomerate but primarily a homebuilder, bagged a $215m bond on Monday, but not all the firms on the original syndicate team remained on the deal in the end.
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The leveraged finance new issue pipeline has slowed down in Europe. Market participants pointed to weak macroeconomic data, but also the recent alarms about weak covenants.
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Bonds from Chinese real estate developers were some of the worst performing in Asia last week, dragged down by the global volatility and fears around property companies’ refinancing needs.
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Hainan Airlines, a unit of embattled HNA Group, offered a generous 12% coupon for its $100m notes on Wednesday, reflecting the limited appeal among investors for the Chinese credit.
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Investors in sub-investment grade markets had little new issuance to look at this week but were still bemoaning a decline in covenant protection this year.
