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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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ReNew Power, the Indian renewable energy giant, brought a $325m green bond to the market on Tuesday. It offered investors a rare opportunity to buy a high yielding deal from the country, despite using a fairly unusual structure for its transaction. -
Getlink, the company that operates the Channel Tunnel, is preparing a €700m high yield green bond to refinance its 2023 bonds and raise cash for capex, including finishing off a landmark electricity connection between the UK and France. The refi comes after it negotiated waivers on the covenants in its term loan to deal with the impact of the pandemic.
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Goldman Sachs is marketing a new high yield bond for Delek Energy, backed by the royalty payments to come from the Leviathan gas field off the coast of Israel. The financing is effectively super senior to a $2.25bn bond issued in the summer, and ekes out extra debt capacity, borrowing financial technology common in the US shale industry and applying it to a new, Israeli context.
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Leveraged companies or sponsors seeking financing are moving quickly to fund in the immediate aftermath of the November 3 US election. Monday morning saw more than €3bn-equivalent of new supply across high yield bonds and loans announced, across six separate issuers.
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JP Morgan's Raj Kapadia has joined MUFG as international head of capital markets, as the firm increases its leveraged finance focus. It has also set up a new group to advise clients at the C-suite level on market and macroeconomic developments, led by Tom Joyce, a hire from Deutsche Bank.
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Indonesia coal producer Indika Energy was back in the debt market on Thursday with a $450m bond.
