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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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Volvo Car, the Swedish manufacturer owned by China’s Geely Holding, sold a debut green bond this week, days after saying its freshly published green finance framework would help it transform into an electric car maker. -
China Evergrande Group’s dollar bonds rebounded on Monday morning after tumbling late last week. But the poor performance of the company’s bonds appears to have spread to outstanding notes from other Chinese property companies.
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Spanish telecoms group MasMovil has finished taking out its acquisition debt for its take-private by Cinven, KKR and Providence Private Equity. Most of the €2.9bn financing came through a loan, allocated in July, with the bond portion offered this week following shareholder acceptance of the offer. Flexible documents prompted some criticism but the company’s strong growth story saw the bonds clear at the tight end of talk.
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Debt purchasing firms are repeatedly hitting the high yield market to prepare their capital structures for the likely wave of portfolio sales as pandemic support schemes roll off, with France’s iQera the latest in the market. But some companies in the sector are in no position to refinance, such as Lowell which is effectively shut out of the market with its own credit concerns, raising questions about whether these companies can compete for post-Covid loan sales.
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Weak investor sentiment, oversupply and aggressive pricing strategies hurt the Asian dollar bond market this week. As issuers rushed to sell deals before China’s Golden Week holiday and the US presidential election in November, many were left with transactions that fell short of expectations or slumped in the secondary market. Morgan Davis reports.
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JP Morgan and Morgan Stanley’s positions at the top of the UK corporate broking rankings have undoubtedly helped their equity capital markets businesses, but Goldman Sachs stands out for its disruptive approach, writes David Rothnie.
