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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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Chinese bond issuers were the first out of the gate on Thursday, vying for investors’ attention after public holidays in many parts of Asia shut markets on Wednesday. -
The European markets for leveraged debt were on holiday this week, with no primary deals, moderate trading volumes and a slow but persistent widening. Some investors believe this week’s recess will be replaced by tougher markets in September.
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European corporate bond market participants are enviously looking at their counterparts in the financial and SSA sectors as supply started to flow again in those areas this week. There is no sign yet of any corporate bond issuers returning from the summer hiatus, but investors have clear ideas about what they want.
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Indonesia’s Modernland Realty raised $150m on Tuesday to offset some of its pressing debt maturities, becoming the country’s first high yield bond issuer since May.
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Chinese industrial name Fufeng Group raised $350m from a bond on Tuesday, offering a coupon step-up to show its commitment to maintaining its investment grade rating from S&P. Logan Property Holdings Co also separately bagged $300m on the same day.
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The UK and Italy are potential flashpoints in a European credit market where political fragmentation is the biggest internal risk, Standard & Poor’s warned on Tuesday. Continued low interest rates will be crucial to companies staying in good financial health.
