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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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InterGen, the US-headquartered power generator, has increased its high yield bond issue by $200m to $1bn-equivalent. It now wants to sell $600m of bonds in the 7% area and £260m in the 7.25% area.
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European high yield issuers rarely venture into the private placement market, unlike their US cousins. But 1st Credit, a buyer of UK defaulted consumer debt, did just that for its debut bond — a £100m secured seven year non-call three.
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Equiniti wrapped up the second stab at its high yield debut on Tuesday night, getting the £440m deal away successfully but with the order book looking a little different to its first, highly oversubscribed attempt on May 23. -
SMCP, the French high end fashion retailer, which was bought by KKR, has announced its premarketed high yield bond. A roadshow for the €290m senior secured seven year bond starts tomorrow.
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Barry Callebaut, the Swiss-based chocolate company, is planning to raise $600m of 10 year bonds, having recently been downgraded to speculative grade. It wants to part-finance its acquisition of Petra Foods’ cocoa business.
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Swedish installation services company Bravida has sold its €375m debut high yield bond to strip its debt of maintenance covenants. The new financing in euros and Swedish kronor was entirely sold in floating rate notes, which are being dubbed ‘covlite loans’ by many leveraged finance participants.
