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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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Bonds backed by standby letters of credit have fallen from grace, as tightening spreads in the dollar bond market and growing risk appetite among investors ensure that issuers can do without credit enhancement. Have SBLCs had their day in Asia? Addison Gong finds out. -
Indonesia’s Soechi Lines finally succeeded in selling a dollar bond this week, after multiple attempts to grab international investors’ attention.
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So far this year, the European corporate bond market has been an issuer’s market without many issuers. Or perhaps, the feeling that this January has been quiet is a measure of how used market participants have become to a torrent of deals.
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Chinese companies Xiamen Xiangyu Group Corp and Shimao Property Holdings each raised $500m on Tuesday, but saw different reactions to their bonds. While investors were keen on the former investment grade rated name, demand for the property industry is starting to see some pull back.
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Indonesia’s Medco Energi Internasional and China’s GCL New Energy Holdings bagged $500m each from debt investors on Tuesday, showing the appeal of the commodities and renewable industries.
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US retailer Sears announced its intention on Tuesday to swap unsecured and senior secured debt into new payment-in-kind notes that could be converted into common stock. Seeing this as a distressed debt exchange, Fitch Ratings quickly downgraded the retailer to C.
