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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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Dutch DIY group Maxeda launched a refinancing this week which pushed up its rating, after it took out its 2022s with new 2026 bonds, taking any liquidity constraints for the triple-C rated chain firmly off the table. Despite the pandemic, the retailer has been successfully deleveraging, helped by a boom in home improvements during lockdown. -
Swedish debt purchaser Intrum is in the market with a tap of its 4.875% 2025 unsecured notes, issued in July, intending to use the funds to part-pay its revolving credit facility. The starting size of the tap is €200m but the company has €746m outstanding on its RCF so could easily look to increase the deal size if it receives strong demand.
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Times China Holdings raised $350m from a 5.5 year bond on Tuesday as a way to get ahead of its 2021 dollar maturities.
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Bonds sold on Monday by Chinese conglomerate Dalian Wanda Group Co and property developer Logan Group Co have underperformed in the secondary market.
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Dutch DIY retailer Maxeda unveiled a refinancing on Monday morning which will test the market’s appetite for taking out triple-C rated bonds at tighter levels, with a €400m offering to redeem its existing €475m 6.125% 2022s.
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Goldman Sachs has appointed Christopher Droege and Chris Emmerson as co-heads of cross markets and sponsor M&A for Europe, the Middle East and Africa.
