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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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Equiniti, the UK outsourcing company specialising in acting as a share registrar and serving pension funds, enjoyed a highly successful outcome to its debut high yield bond issuance, as the £440m deal was 10 times subscribed.
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Spanish bus operator Avanza Grupo, owned by Doughty Hanson, has made its high yield bond debut with a €490m deal, both of whose tranches were priced at the tight end of talk.
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UK travel operator Thomas Cook has sold its €525m seven year bond, its first since it re-emerged from distressed trading levels. The fully underwritten notes were priced on Thursday in line with guidance, at par, to yield 7.75%, despite some market jitters after the Nikkei stock index plunged 7.3%.
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William Hill, the UK bookmaker, has announced a roadshow for a sterling high yield bond from Tuesday to Thursday next week, via Barclays, Lloyds and Royal Bank of Scotland (billing and delivering).
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Spanish casino group Codere’s bonds came under pressure this week, after Moody’s downgraded the company. The rating agency thinks that "it is unlikely that Codere will be able to avoid restructuring its balance sheet".
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Irish drug company Elan plans to sell an $800m high yield bond as part of its plan to fend off a hostile takeover.