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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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The European Union’s formation of its Platform on Sustainable Finance last week marks a new phase in responsible investing. Over the past four years or so, the most influential thinkers in the market, such as the Principles for Responsible Investing, have been quietly moving back to an older interpretation of what RI means: considering the effects of investment choices on others.
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Friday’s confirmation that the Issa brothers, backed by TDR Capital, had won the auction for UK supermarket Asda, catapulted them into the super league of borrowers in European leveraged credit — the handful of entrepreneurs whose appetite for debt surpasses market appetite to lend to a single capital structure. -
Indonesian property company Alam Sutera’s move to kick off an exchange offer last week to stave off pressing financial concerns was met with ratings downgrades from two of the three global ratings agencies.
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Better quality high yield borrowers spotted a market window on Tuesday, with Spanish retailer El Corte Ingles and Dutch chemicals firm OCI both launching well-flagged double-B rated bonds on the back of Monday’s stronger trading session.
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China Evergrande Group reached an agreement with a group of strategic investors to avoid upcoming repayments, easing recent concerns on a potential liquidity squeeze for the company.
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Research from Bank of America shows European high yield issuers boosted their cash holdings by €97bn year on year, a 60% increase, and a record level for nearly all regions and sectors.
