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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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Tullow Oil is marketing a new $1.8bn senior secured bond to repay its near-term maturities and cancel its reserve-based lending facility entirely, ending the twice yearly cycle of RBL determinations that has pushed some oil explorers close to the edge since the coronavirus pandemic struck. -
Mars Capital, now a subsidiary of Arrow Global, has probably sold controlling positions in two Irish reperforming loan portfolios, securitized in RMBS transactions Grand Canal 1 and 2, with the Grand Canal 1 portfolio rapidly returning to the market in a Morgan Stanley-backed deal announced on Wednesday. The move comes as TDR Capital’s bid for Arrow heats up, with shareholders now ready to vote on approval.
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Vietnam property developer BIM Land JSC made its debut in the dollar market this week with a green transaction.
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Kaisa Group Holdings closed a $500m bond this week, part of a liability management exercise.
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Birkenstock’s acquisition financing package saw changes to the documentation during syndication, announced on Monday. While the deal comes with an aggressive covenant package, the amendments do little to smooth the edges, instead raising the possibility that a rapid flotation of the business could see bondholders repaid inside the non-call period.
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Europe’s high grade bond investors are set to be offered new bonds from both ends of the ratings spectrum this week, as A2 rated air traffic controller Nats (En Route) and fallen angel car parts company ZF Friedrichshafen planned deals.
