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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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Indonesian tyre maker Gajah Tunggal is planning a return to the dollar market to refinance a $500m 7.75% note coming due in February 2018. -
India’s Azure Power Energy made its debut in the international bond market with a dollar green transaction on Thursday. But the solar power issuer had to pay up to secure $500m in a week that caused difficulties for Indian markets.
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Vedanta Resources plans to return to the dollar market with a seven non call four year offering, in parallel with a tender offer for its existing 2019s and 2021s.
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Recent strong demand from US investors for lower rated high yield bonds in euros has helped stimulate issuance from the triple-C rated companies. But US fund managers are not buying indiscriminately and bankers say they were instrumental in forcing Bain Capital to change an aggressive covenant on a deal placed this week. Victor Jimenez reports.
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Asian bond investors reclaimed some of their power this week, but the coup was far from bloodless. Three single-B rated issuers were forced to pull planned dollar bonds. Morgan Davis and Addison Gong report.
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Nitrogénmuvek, the Hungarian fertiliser group, became the second borrower with high yield ratings to cancel a deal this month, after Tereos pulled a highly structured bond seven days ago. This time, the problem was size.
