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High yield

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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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  • China Three Gorges Corp, CCB Leasing and 361 Degrees International are looking to take advantage of a tight window to get their dollar fundraisings out of the way ahead of a speech from Federal Reserve chairwoman Janet Yellen on Friday.
  • An auction to settle Norske Skog credit default swaps will take place in June, after ISDA’s determinations ommittee agreed to an initial list of deliverables for the restructuring credit event — despite not having been able to gain access to a crucial document governing the terms of the firm’s guaranteed bonds.
  • Arla Foods, the unrated Danish dairy cooperative, on Monday printed Skr1bn of notes, with issuance in the Nordic currency still lagging 28% behind last year’s figures.
  • Kaisa Group Holdings has finally struck a deal with creditors over the restructuring of its offshore debt, marking the end to one of the longest-running Asian capital markets saga in recent years.
  • China Huarong Asset Management is looking return to the offshore bond market this month, while Sri Rejeki Isman (Sritex) has announced plans for a new international deal alongside a cash tender offer of its existing notes.
  • Bookmaker William Hill on Friday sold £350m of unsecured bonds in a sterling high yield market increasingly convinced that the June referendum will support the UK’s European Union membership.