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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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Brisa Concessao Rodoviaria, the Portuguese toll road operator rated Ba2/BBB, was set to sell a €300m seven year senior secured bond on Thursday. -
Abengoa, the Spanish engineering and renewable power group, wants to issue €400m of seven year senior notes on Friday to prefund a 2015 bond maturity.
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Kaufman and Broad, the French residential property developer, is replacing its entire capital structure with a planned €370m high yield bond and new €200m senior facility agreement.
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Maoye International Holdings did not manage to price its debut dim sum bond this week despite leaving books open for four days. Bankers away from the trade suggest that one of the reasons the deal failed was because it didn’t secure an anchor account, raising questions about the reliance on these investors in high yield offshore renminbi bonds, writes Virginia Furness.
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Cabot Financial, the UK distressed consumer debt collector, is marketing its third high yield bond. The Gbp175m of senior secured seven year notes will replace a bridge loan signed to finance Cabot’s takeover of peer Marlin Financial Group.
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Italian telecoms firm Wind Telecomunicazioni has asked its lenders to loosen its covenants so that it can raise up to €800m to refinance payment-in-kind notes issued by its parent company, Wind Acquisition Finance.
