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High yield investors nibble at IG names, as credit investors brace for ‘trillions’ unlocked from money market funds
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Thames Water refinancing battle is an unedifying mess
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German TV shopping network HSE is preparing a new high yield bond to refinance its existing unitranche debt and pay owner Providence Private Equity a dividend.
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Putian State-Owned Assets Investment Co (PTSI) sold its first dollar bond this week, raising $180m. -
Last week’s heavy levfin supply hasn’t produced a pause for digestion, with five new high yield bonds on Monday joining two announced on Friday for execution this week, despite some recent supply trading down in secondary.
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Duty-free operator Dufry joined the throng of issuers in the high yield primary markets this week with its first straight offering since the coronavirus pandemic hit. It increased the offering size from €850m to €1bn, as investors pinned their hopes on the vaccine-inspired recovery in the travel industry.
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Pfleiderer and its owner, Strategic Value Partners, have minor changes during syndication to the deal docs in its dual-tranche sustainability-linked high yield bond, limiting the group’s flexibility to pay out sale proceeds from its Polish division as a dividend. But the company has succeeded in pushing pricing tight, with the fixed rate bonds set to land at 4.75% area and the floater at 475bp.
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GlobalCapital is conducting its annual poll to determine its Bond Awards 2021. The voting deadline has been extended until April 22, so we invite readers who have not voted yet to do so in the coming week.
