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Disruptive US economic policy has not yet dented credit appetite
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
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Concerns from some fund managers about the terms of Altice’s new €2.5bn-equivalent bond were swamped by orders from other investors eager to bag single-B paper with a big coupon from a core high yield issuer. After a series of successful investor push-backs on deal terms, the debt laden French telecom proved this week that borrowers still can walk away with loose covenants, writes Victor Jimenez. -
The deal pipeline is growing heavier in the European leveraged finance markets, as borrowers adjust to wider yet not prohibitive pricing. But buyers of speculative grade debt also have their eyes on stronger documentation.
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After a tough run for issuers, the euro corporate bond market appears to have headed for its summer holiday early this year. The sterling market, however, kept investors busy last week, and the Bank of England’s monetary policy committee meeting in August is being closely watched.
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Singapore dollar issuance has been moving at a snail’s pace over the past few months as nervous investors opt to keep their hands in their pockets. But a generous slew of upcoming redemptions may change that.
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Power generation group Contour was in the euro high yield market this week with a two tranche double-B bond refinancing, with the firm looking to join a raft of other issuers that have refinanced despite spreads leaking wider this year.
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French telecoms firm Altice called on the high yield bond and leveraged loan markets with a €4bn cross-border refinancing deal this week, hoping that improved quarterly results would help investors shake off the apprehension they showed for the credit in March.
