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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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Virgin Media started the autumn session in European leveraged finance in style with a five part offering to raise the cash for its joint venture with Telefónica’s O2 unit. The deal underscores how far capital markets have come since the dark days of April, when the £30bn ($38.9bn) mega merger was backed by an investment grade loan to insulate the tie-up from the effects of a prolonged downturn in leveraged credit, reports Owen Sanderson. -
A year on from the closure of its flow equity trading business, Deutsche Bank’s investment bank is back in a bullish mood after performing well during the first stage of the coronavirus crisis.
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Cabot Credit Management has launched a €300m refinancing following the reorganisation of its corporate structure to combine its balance sheet with its parent Encore Capital and boost the group’s financial firepower.
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KKR-owned vending machine company Selecta was one of the first companies to have its owner inject super-senior ‘priming’ debt once the Covid crisis hit, pushing bondholders down the capital structure. But in its restructuring package laid out on Tuesday, KKR reversed this aggressive move, offering a creditor-friendly proposal that sent the bonds up 11 points.
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Ford, the US car maker, offered investment grade bond investors the chance to dip into high yield on Tuesday, while its rival Nissan Motor is lining up a seven tranche behemoth bond issue that will create a euro curve out to eight years.
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Europcar will be a test case for the treatment of government-guaranteed loans during a restructuring, as the French car rental company was among the earliest and largest users of the French state’s corporate support scheme.
