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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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Tata Steel raised $1.5bn with its inaugural transaction on Thursday, as it looks to refinance loans incurred as a result of its $13.1bn acquisition of Corus in 2008. Despite pricing on a day when almost $2.5bn of new issues was injected into the Indian high yield arena, the trade nonetheless pulled in bids worth $9.1bn. -
Shenzhen-based RedCo Properties Group issued initial price guidance for a dollar bond on July 25 in what is its first foray into the debt capital markets.
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Renewable energy Greenko Dutch priced its ground breaking debut international bond on Thursday night. Despite its novel structure, the dollar deal saw strong demand as investors took to the positive outlook for the high yield borrower, as well as India’s renewable energy sector, and the company was able to close a transaction 10 times the size of its Ebitda.
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Hong Kong listed Modern Land China brought a five year non call three deal to the dollar market on Thursday attracting investors with a double digit coupon.
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Global Cloud Xchange, a subsidiary of Indian telecommunications company Reliance Communications, unveiled its debut international bond on Thursday. The borrower is the third Indian high yield name to bring out a deal this week, with Greenko Dutch and Tata Steel, and is offering a five year non call two.
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Greenko Dutch announced its debut international bond on Wednesday, a dollar five year non-call three. Supported by strong investor appetite for Indian high yield, the issue was already covered by indications of interest when books opened, according to dealers.
