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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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BNP Paribas has made two senior hires in high yield secondary markets, poaching trader Mike Wheeler from Morgan Stanley and salesman Justin Perry from JP Morgan.
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Banks have prepared a high yield issue to finance Cinven's acquisition of a majority stake in Synlab Holding, the German laboratory services provider, in a market quietened by unease about Greek politics.
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The People's Bank of China surprised the markets over the weekend by slashing rates for the fourth time since November 2014. But the Asian dollar bond market has been paralysed on June 29, due to the spectre of a Greek default and exit from the euro. The only issuer braving the market is China Huiyuan Juice Group which opened books for a three year deal in euros that was fully covered by anchor orders.
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Investment grade corporate bond syndicate bankers expect this week to be quiet, after Greece and its creditors gave up trying to reach a debt deal, but fears of a shutdown seem far away.
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German cosmetics firm Douglas Holding, which is being acquired by CVC Partners from Advent International, sold €635m of high yield bonds on Friday after cutting their size for a second time.
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Chinese real estate corporate Wuzhou International Holdings has raised $100m from a tap of its 13.75% 2018s, this is the second re-opening on the bonds and was driven by reverse enquiry.