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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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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. -
Two Chinese transactions on Wednesday served as perfect examples of how duration can make a difference. Greenland Holding Group Co’s $500m sub-one year bond attracted a larger-than-expected order book, while China Overseas Grand Oceans Group (Cogo) had to pull a five year trade as a result of insufficient demand.
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Dollar bond investors got their first taste of a Cambodian credit this week when casino operator NagaCorp grabbed $300m from its debut outing. But a huge tightening in the secondary market reflected the struggle in finding a fair price for the issuer. Morgan Davis reports.
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How worried are international investors and DCM bankers about the spate of corporate bond defaults in China’s onshore debt market? Addison Gong finds out.
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Speculative grade investors are being tempted by higher total returns in the leveraged loan market, but lack of supply and growing demand is favoring a loosening of default protection covenants.
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Italian energy company Enel received €3n of orders for €1.25bn of new hybrid bonds on Tuesday. This showed the insatiable appetite of investors for the product with the enhanced yield it offers and ratings agency Scope expects 2018 to record much more supply that the previous two years.
