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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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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.
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Hangzhou Jianggan District Urban Construction and Comprehensive Development Co has raised $200m from a bond, shrugging off news from last week that a Xinjiang local government financing vehicle (LGFV) had unexpectedly missed payments on a renminbi note. -
Chris Munro, co-head of leveraged finance for Europe, Middle East and Africa at Bank of America Merrill Lynch, is leaving London to take up a new role as the bank’s sole global head of leveraged finance in New York.
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European private equity firms are raising an increasing number of mega-funds this year, according to data and software firm PitchBook. At the same time, their share of high yield bond issuance has almost doubled.
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Private equity firms have bolstered their high yield footprint in European and Nordic issuance, but yield spreads are also running up, according to SEB this week.
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India’s Reliance Communcations (RCom) tender and exchange offer, unveiled last week, would clear the issuer’s books of its $300m 6.5% 2020 bond. But since RCom defaulted on a payment for the notes last November, it is in no position to offer investors such paltry tender and exchange terms.
