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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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LDK Solar looks set to become the second Chinese power company in a month to default on a convertible bond, as offshore investors grow increasingly sceptical of the willingness of government officials to bail out private companies.
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TeamSystem, the Italian software firm owned by Hg Capital and Bain Capital, has sold €300m of high yield bonds inside price guidance on a "heavily oversubscribed book," according to a banker close to the deal. The May 2020 transaction came with a 7.375% coupon at par on Thursday.
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Brazilian construction company OAS doubled the initial deal size for its debut global bond on Thursday after luring in $5.5bn of orders with a structure attractive to private bank and other investors.
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Private equity funds have found another way to wring more favourable terms out of leveraged loan and high yield bond investors: selling them debt without the usual rights to repayment if the borrowing company gets taken over, writes Stefanie Linhardt.
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RPG Byty, the Czech Republic's largest privately owned residential property company, is trying to sell a €400m high yield bond due 2020. Joint bookrunners Goldman Sachs and JP Morgan released guidance in the 7% area first thing on Friday morning. Books close at midday London time, with the deal pricing thereafter.
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