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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
Embattled utility asks judge to approve £3bn lifeline as creditor groups keep fighting
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Investors had to get to grips with the dynamics of Mainland water supply this week as China Water Affairs Group made a $300m debut on Wednesday. -
India’s Jain Irrigation Systems sold its maiden international deal on Wednesday, taking $200m from Asia’s first green bond of the year. Finding comparables was a big challenge given the issuer’s focus on irrigation for agriculture, with the leads juggling feedback from investors to find the right price. Rashmi Kumar reports.
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Vedanta Resources has become the first Indian high yield issuer this year, raking in $1bn from a 5.5 year transaction. A strong rally in its outstanding bonds, combined with a turnaround in both the company’s credit and the commodities industry, ensured tight pricing and a successful outcome.
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Corporate bond issuers are still coming to the euro market, but at a slower pace than in the past fortnight — perhaps a good thing, as signs of indigestion began to creep into the secondary market last week, and some new issues traded weakly.
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Fujian Zhanglong Group Co raised $150m from a tap on Tuesday, in a deal driven by reverse enquiry and anchored by indications of interest ahead of launch.
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Vedanta Resources has become the first Indian high yield issuer this year, raking in $1bn from a 5.5 year transaction. A strong rally in its outstanding bonds, combined with a turnaround in both the company’s credit and the commodities industry, ensured tight pricing and a successful outcome.
