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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
Embattled utility asks judge to approve £3bn lifeline as creditor groups keep fighting
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Swiss steelmaker Schmolz + Bickenbach opened the euro high yield market on Monday with a sub-benchmark sized deal, extending March’s stream of opportunistic refinancing deals. -
Chinese property developer Jingrui Holdings leveraged off a yield-hunting environment and its strong financial improvement to raise $400m from its return to the offshore debt market this week.
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Indonesia’s triple-C rated Indika Energy priced a $265m bond on Monday on the back of a nearly five times subscribed book. The issuer’s rating story was complicated by downgrades over the past year, but investors were willing to consider its likely future as a B2 rated credit. Morgan Davis reports.
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India’s JSW Steel raised $500m from its new five year notes on Wednesday, finding strong support from European accounts familiar with its credit and business.
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Issuers from Greater China, including Yanzhou Coal Mining Company (Yancoal) and Regal Hotels International Holdings, have opened books for new perpetual notes, while China Oil and Gas Group has mandated firms for its return.
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Modernland Realty launched a new dollar deal on Thursday, following on the success of other high yield Indonesian names this year.
