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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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The successes and failures of a handful of deals last week showed that floating rate notes are not just for financial credits, but can also serve corporations well — especially in times of real need. -
Indonesian credits got a quick boost late last week as investor sentiment rose following an interest rate hike. But while the buy-side is again warming up to the country’s bonds, the debate continues over whether the optimism is sustainable.
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A challenging market backdrop pushed China Vanke Co to go down the floating rate note route for its bond return on Thursday. It wasn’t disappointed, with bankers saying the $650m bond was priced around 15bp inside a hypothetical fixed rate deal.
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Zhongyuan Yuzi Investment Co, a provincial level local government financing vehicle (LGFV), has postponed a planned dollar bond amid weak sentiment for the sector. On the other hand, Nan Hai Corp, which pulled a deal last September, managed to get its second bond attempt past the finish line by opting for a private placement style execution.
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The movement to create free investment benchmarks to support the Sustainable Development Goals is gathering pace, with the launch this week of a major survey of corporate human rights performance.
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Market sources said rising political uncertainty in the eurozone was to blame for the second deal pulled from the European high yield bond market so far in May, as Greek issuer Pangaea cancelled its high yield roadshow on Thursday.
