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Disruptive US economic policy has not yet dented credit appetite
High yield investors nibble at IG names, as credit investors brace for ‘trillions’ unlocked from money market funds
Embattled utility makes final plea for court to sanction £3bn in emergency funding
Thames Water refinancing battle is an unedifying mess
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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.
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Greenko Energy Holdings took $940m from an amortising green bond on Monday, adding to the recent spurt in sustainable issuance from India.
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Hong Kong JunFa Property Company raised $116m on Monday from a well anchored tap of one of its existing bonds.
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Following last year’s redemptive refi, French supermarket group Casino is back in the market for another stab at pushing out maturities, cutting its interest burden, and nudging back towards an unsecured capital structure, with a combined bond and loan offering to pay down its 2024 loan.
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Delhi International Airport (Dial) had to pay a hefty premium for its $450m green bond amid investor concerns about market volatility and the state of the travel industry.