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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
Embattled utility asks judge to approve £3bn lifeline as creditor groups keep fighting
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Market euphoria following news of Pfizer’s potential Covid-19 vaccine has helped underwriting banks dodge a likely loss on one of the hardest bridge loans to shift all year, with the bond now guided six points higher than at launch and nearly three times covered. -
Sterling supply in high yield and leveraged loans has proved a rare sight since the 2016 Brexit vote, with UK-based borrowers preferring to seek euro funding where possible. But this week has brought a relative bonanza — three deals — in the currency.
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Three Chinese property companies launched dollar bonds on Monday, continuing to take advantage of the post-US election momentum.
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Thames Water’s holding company is preparing a sub-investment grade bond and tender offer to push out its 2022 maturity, launching the new offer as markets firmed up on Monday.
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Strong markets on Monday morning helped Barclays and Jefferies launch the long-awaited bridge financing for PureGym’s takeover of Fitness World, one of the last pre-Covid facilities yet to come out in the capital markets.
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Three property companies from Greater China hit the bond market last Friday, raising $850m between them even as the US presidential election battle raged on. With Joe Biden now announced as the president-elect, the issuance spree in Asia only picked up pace on Monday.
