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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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Debt-laden beauty retailer Douglas is on course to refinance its capital structure at par, an almost unthinkable outcome this time last year, when its unsecured debt was trading in the 30s. Owen Sanderson reports. -
Shipping company Hapag-Lloyd on Thursday priced the second sustainability-linked bond to hit the euro high yield market, with the new issue’s coupon tied to cuts to the carbon intensity of its fleet. Proceeds refinance an old bond, but the firm will carry on its longstanding programme of replacing older, dirtier ships over the lifetime of the new issue.
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Aluminium company Novelis, a subsidiary of Indian conglomerate Aditya Birla, has issued its debut green bond, a €500m eight year non-call three to refinance part of its term loans signed in 2017.
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Slowing dollar bond supply from Chinese property companies got a further blow this week after Yuzhou Group Holdings was hit with a downgrade, triggering a slump in the secondary market. With more disruptions expected, and as liquidity pressure on real estate firms rises, a repricing of the sector may be on the cards. Morgan Davis reports.
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Douglas, the highly levered beauty retailer, is finding the bond market more receptive than loans to its turnaround refinancing. It has restructured its debt package to switch €330m of secured loans to bonds. The comeback deal appears still on track, though the PIK notes are being marketed at a punchy 9% yield.
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China SCE Group Holdings managed to raise $300m from a narrow issuance window on Tuesday, just as sentiment started to sour around the country’s high yield property bond market.
