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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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Banks launched the bond leg of a combined €5bn refinancing for alarm company Verisure, which will raise cash for a €1.6bn dividend to shareholder Hellman & Friedman. This payment follows the transfer of the company between two H&F funds at a €14bn valuation. -
Some €700m of CDS contracts referencing Europcar’s debt have been rendered worthless thanks to a technical squeeze in the CDS auction on Wednesday, in a blow for investors who thought they’d hedged their exposure to the troubled car rental firm. The controversial result threatens to reignite debates about whether the CDS market is fit for purpose, ahead of an expected wave of restructurings in the year to come.
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Together Money launched a £450m secured bond on Wednesday, the first sterling issue in the high yield market this year. The specialist mortgage lender was refinancing a bond due in 2024 and paying down some of the drawings under its Charles Street conduit securitization.
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Autostrade per l’Italia, the Italian motorway group, is marketing a nine year unsecured bond through Morgan Stanley, capitalising on the strong demand demonstrated by TIM’s eight year issue on Monday, which came through fair value on a €3.9bn book.
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Beijing Capital Group Co, which marketed a two-tranche deal on Monday, decided to ditch the planned perpetual note and instead price a larger senior tranche for cost reasons.
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Practitioners believe 2021 could be the year when sustainable finance finally breaks out of the narrow confines it has inhabited so far and spreads more widely across the economy.
