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Disruptive US economic policy has not yet dented credit appetite
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
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Government-backed Inner Mongolia Baotou Steel Union Co has become the latest issuer in Asia to pull a dollar bond, faced with a market overloaded with supply. -
A broad range of Chinese issuers have mandated banks to arrange roadshows in Hong Kong and Singapore early next week ahead of their dollar bond transactions.
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The march of responsible investing took a step into the high yield bond market this week, as both M&G and Candriam launched funds that will use environmental, social and governance factors to influence their investment choices.
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Borrowers and investors marched on in the European leveraged finance markets this week, pricing €1.5bn of high yield bonds while bankers have been able to tighten terms on new loan deals during syndication. Deals pulled earlier in the week in the US are already a fading memory.
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Concord New Energy Group, a Chinese wind and solar power company, was forced to pull its planned green dollar bond debut on Wednesday after it was caught in a down market.
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Reliance Communications, an Indian telecoms business, defaulted on a $300m bond this week, failing to make a coupon payment to offshore investors after being given a seven-day grace period. The company has put together a plan to restructure its debt, but it has been greeted with widespread scepticism. Addison Gong reports.
