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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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The Covid casino has produced winners and losers among Europe’s high yield gaming firms, with lottery firm Sazka securing a fat equity cheque from Apollo, while Codere has some worried that its restructuring, wrapped up in October, did too little to cut its debt burden. -
Thames Water’s holding company launched a sub-investment grade bond and tender offer to push out its 2022 maturity, announcing the new bond as markets firmed up on Monday.
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Market euphoria following news of Pfizer’s potential Covid vaccine created a perfect window for lead banks Barclays and Jefferies to sell out of a bridge loan for UK fitness chain PureGym, which they had held since underwriting it in January — one of the last pre-Covid acquisition loans yet to come to market.
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Chinese property borrowers are increasingly taking a strategic approach to managing their liabilities by tendering old notes when new bonds are announced. The trend has taken off this year, and is set to be the norm as issuers become more proactive in tackling their refinancing needs sooner rather than later. Morgan Davis reports.
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A flurry of Chinese corporations rushed to the dollar bond market on Wednesday, raising a total of $1.19bn between them.
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Debt purchasing firms Encore and Hoist launched new refinancing transactions on Wednesday, taking advantage of good market conditions to strengthen their capital structures ahead of a likely NPL flood next year.
