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Sustainability-linked bond had to cope with tariff and German debt news
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
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Travel company Tui announced its third bailout package since March on Wednesday, adding a substantial equity cheque to more state-backed debt, as troubled companies shift their focus from emergency cash to stable capital structures. A sharp rally in the company’s shares helped firm up the rescue package, but some questioned whether the new money will be enough. -
Webuild, the Italian construction company formerly known as Salini Impregilo, has launched a refinancing of its €600m 2021 bond, after finally completing the takeover of stricken competitor Astaldi at the beginning of last month. The new tender offer is intended to finish a refi attempt started in January, which received lacklustre take-up.
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AIIB's Mills Hagen leaves for Opec Fund — Horta Osório to chair Credit Suisse, replaced by Nunn — Mulderrig to head up European debt syndicate at UBS
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The European Leveraged Finance Association, a trade body of investors, has slammed terms in the $1bn buyout bond for Ancestry.com which cap investor voting rights, hoping to stop the new feature in its tracks and prevent sponsors including it in European transactions.
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Hong Kong property company New World Development Co used a fixed-for-life perpetual structure to net $700m on Wednesday.
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Four Chinese borrowers hit the dollar bond market on Tuesday, raising $745m between them.
