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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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A Chinese company’s decision to pay an extra 300bp in coupon to defer payments on its onshore perpetual notes has not only shocked the domestic bond market, but also inevitably raised concerns offshore. Bankers and investors are now paying much closer attention to the onshore/offshore dynamics. -
Sources have said 3i plans to follow a buy-and-build approach with the newly acquired Royal Sanders, the Anglo-Dutch personal care product manufacturer. The strategy would mirror its successful expansion of drinks bottling company Refresco, which sparked a bounty of deals in the high yield and leveraged loan markets.
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Ronshine China Holdings became the only Asian issuer to sell a dollar bond this week in the run-up to Chinese New Year. But the company ended up bagging a mere $100m from its tap, despite rumours it was eyeing as much as $225m.
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Those bankers and investors who hoped for a small burst of activity before Chinese New Year were left disappointed on Monday, when Ronshine China Holdings became the only issuer from Asia ex-Japan to launch a dollar bond.
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Indonesia’s Golden Energy and Resources nabbed $150m from a visit to the bond market but the market volatility cost the company, forcing it to pay the highest coupon for a dollar bond in the region so far this year.
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Fantasia Holdings Group Co managed to take advantage of a stock market rebound that proved to be short-lived on Thursday, raising $300m from a 364-day trade. The company has around $1.6bn of onshore and offshore bonds maturing in the coming months, but managed to convince investors it has a plan to deal with this looming maturity risk.
