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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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If the tension in the European corporate bond market is often about how much paper can issuers persuade investors to take, this August the pull is the other way. Investors are thirsty, and issuers are withholding. -
High yield issuers Future Land Holdings Co and China Logistics Property raised a combined $300m from their bonds on Tuesday. But the borrowers saw different outcomes. While investors continued to be attracted to property names, making Future Land’s deal 10x covered, they were less responsive to debutant CNLP.
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China Chengtong Holdings Group debuted in the debt market on Tuesday, sealing a tight $500m deal as the state-owned operating company transitions to a new entity. But its foray wasn’t without questions, as bankers and investors debated the unrated credit’s status as a corporate or a financial.
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Hong Kong-listed Sunac China Holdings has set its sights on the debt market for a dual tranche dollar bond, one week after sealing a HK$4.03bn ($516.2m) top-up placement.
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Returns data shows passive funds are lagging their active counterparts in the European high yield bond market, investment firm Alliance Bernstein said in a report on Tuesday. But active fund managers expect passive money to grow.
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China Chengtong Holdings Group, a pilot state-owned operating company, is offering investors a taste of its inaugural deal, launching a five year bullet on Tuesday.
