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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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Frozen food supplier Nomad Foods has launched the bond leg of the financing for its acquisition of central and eastern European peer Fortenova, having priced the loan part earlier this month. -
Nobian, the industrial chemicals unit of Nouryon, launched the debt package for its spinout on Friday, offering up a €1.19bn ESG-linked five year term loan 'B' through Credit Suisse, HSBC and JP Morgan. This will be followed by a bond deal, which is yet to be announced, to complete the €1.615bn senior secured financing.
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Chinese local government financing vehicle Ganzhou Jiankong Investment Holding Group Co sold a $270m bond on Thursday.
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Beauty company Coty took out more of its bank debt with a secured bond this week, increasing its deal size from €500m to €700m and pushing through the 4% yield barrier to land the new issue at 3.875%. The Caa1/B- rated company has struggled to turn its business around and still has negative free cash flow, but a new management team, a new plan and a senior spot in the capital structure helped enthuse investors to buy the new bonds.
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Chinese property company Evergrande Group’s dollar bonds have plummeted in the secondary market, following news that regulators are scrutinising the borrower. The effect has been far-reaching — dampening sentiment for other high yield real estate bonds and putting both investment bankers and investors on guard. Morgan Davis reports.
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Hong Kong department store chain Lifestyle International Holdings returned to the debt market this week after a two-year break to raise $350m.
