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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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Happy days are here again for the corporate bond market. After weeks of improving sentiment, investors are ready to start splashing the cash. Issuers that have brought deals are reaping the rewards, in big orderbooks and tighter new issue premiums.
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Cabot Credit Management, the UK debt purchasing firm, on Wednesday raised €310m of secured notes to support its buyout of peer company Hillesden Securities from Faccenda Investments.
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Istituto Centrale delle Banche Popolari Italiane (ICBPI) began offering its €1.1bn PIK bond with fixed and floating rate tranches on Tuesday, the first time such a structure has been used in the European high yield market, according to bankers.
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Autodistribution, the French car parts distributor, has priced its €237m of pay-if-you-can notes, to finance its buyout by Bain Capital.
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Indonesia’s Trikomsel Oke looks set to miss a payment on its Singapore dollar bonds, the first such case in more than six years in the city-state. Although the move is expected to increase volatility in the short term, sources hope it will also shake up any complacency in the market, writes Narae Kim.
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Camelia Robu and Paramvir Sethi, two senior leveraged finance bankers previously with Deutsche Bank, will take on new roles in December at HSBC’s leveraged and acquisition finance unit in London.