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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
High yield issuers may be worried about market access, but some do not see them losing it
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MUFG is overhauling personnel and its business model to try to escape a cycle of low returns, writes David Rothnie. -
Unrated real estate company Ganglong China Property Group sold its maiden dollar bond on Wednesday, nabbing $150m from the high yield transaction.
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Deutsche Lufthansa decisively showed that bondholders will buy airline credit once again, without relying on extra security, extra upside or anything other than a broad-based mood of credit euphoria that is sending risk assets soaring.
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Greene King’s pub securitization Spirit Issuer is expected to default this year, after bondholders declined to waive potential covenant breaches in the same way they did for other pubcos, including the company’s larger, whole business securitization. This will give bondholders the right to enforce security, but it will test creditors’ desire to take over the assets outright.
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Shui On Land tapped its 5.75% 2023 bond on Tuesday for an additional $200m, bringing the unrated deal to $500m.
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Balkan telecoms and cable company United Group slipped into the high yield market on Monday to launch a drive-by bond as it released its earnings results, seizing on strong market conditions to repay its revolving credit facility and part-fund the purchase of Greece’s Forthnet.
