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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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Zhejiang Hengyi Group Co, a Chinese petrochemical company, was the second issuer to fall short in the international debt market this week, pulling its planned debut dollar bond on Thursday. -
The European Commission’s Sustainable Finance Action Plan, announced on March 8, involves no less than 10 different workstreams, covering a wide range of the ideas put forward by the High Level Expert Group on Sustainable Finance, which held a one year inquiry for the European Commission during 2017.
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The low rates in Europe are making the euro high yield market an attractive option for US issuers like Belden, a St Louis-based manufacturer of telecoms equipment, which is launching a new euro bond to buy back old deals in euros and dollars. More US issuers are coming to euros, say bankers and investors.
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Debt holders of two insolvent UK speculative grade borrowers, fashion retailer New Look and restaurant chain Prezzo, are considering company voluntary arrangements (CVAs) to allow new property agreements. The result may offer the whole European retail sector a template to stave off what market experts a say risks being a spate of defaults. Victor Jimenez reports.
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Investors this week showered orders on to the first bond issue from Teva Pharmaceuticals since a recent downgrade to high yield ratings. The hook? A 50bp-100bp premium over its old bonds in the secondary market.
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India’s IL&FS Transportation Networks had to postpone its dollar bond debut after a series of unfortunate events on Tuesday. A weak market backdrop, a cautious investor base and a hefty pipeline of deals combined to dash its hopes, writes Morgan Davis.
