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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
High yield issuers may be worried about market access, but some do not see them losing it
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Outstanding bonds issued by supermarket Casino Guichard-Perrachon, and three construction credits, Astaldi, CMC Ravenna and Aldesa, were in the spotlight this week, after dropping to their lowest price yet in September. -
Four Chinese high yield issuers sealed bonds on Wednesday, when a total of nine deals were priced in the primary market in Asia ex-Japan, making it the busiest day in the region in months.
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According to a report by asset manager BlackRock, global exchange traded products saw a consistent inflow into fixed income funds in the first eight months of 2018. Within fixed income products, investment grade corporate bonds saw equally consistent flows, while high yield corporate bonds saw two consecutive months of inflows after six months of outflows. The inflows extend to high yield markets too, which is doing nothing to aid the fight against looser covenants.
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Private equity firms and corporates are unloading speculative grade debt deals with loose terms, but investors still pocket them this week, suggesting that their recent resolve for discipline may be short-lived.
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Investment manager Michael Scott will join Man GLG in December from Schroders, where he was responsible for three funds active in the high yield market.
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MCS Groupe opened a roadshow for a new 2024 floating rate bond this week, as it seeks funding for the acquisition of DSO Group to create a leading player in the debt repurchase industry in France.
