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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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High yield property company Intiland Development flopped in the offshore market on Tuesday, failing to price what would have been its debut dollar deal. -
Debt syndicate banker Angie Li has joined DBS from Guotai Junan International after two years at the Chinese firm.
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Speculative grade debt buyers believe borrowers will keep deleveraging, according to an August credit investor survey by Bank of America Merrill Lynch. But fund managers also think the market is failing to price leverage correctly.
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GCL New Energy’s $500m offshore bond plummeted by more than three points in secondary trading on Monday, after its parent company failed to dispose of an asset in Zhejiang. The price plunge also had a knock-on effect on other Chinese new energy bonds.
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The funding for KKR’s acquisition of BMC Software is set to add almost $2bn of high yield bonds in euros and dollars this week, the last portion of a cross-border, multi-billion debt deal that has enlivened the leveraged finance markets.
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Primary bond issuance in Asia-ex Japan has carried on well into the summer, albeit with little participation from high yield borrowers. But bond bankers expect a climax this week before the market quietens down until September.
