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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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International Vending Services, the Italian vending machine maker, hopes to sell its first ever high yield bond. BNP Paribas is bookrunner on the €200m transaction to refinance debt and for general corporate purposes.
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Takko, the German discount accessories and fashion retailer, has released guidance for its three tranche €625m debut high yield bond.
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Rexel, the French electrical equipment supplier, is guiding its euro high yield bond tranche tighter than its dollar tranche. If final pricing reflects this, Rexel would prove that for some credits Europe is cheaper than the US.
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Owens-Illinois, the world’s largest maker of glass containers, was set to price €330m of high yield bonds this afternoon. The eight year notes for the Ohio-headquartered US business were increased by €30m and were guided in the 5% area.
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Electricity North West, the company that distributes electricity to 2.4m homes in the northwest of England, introduced holding company subordinated bonds to its capital structure on Thursday, in a £180m issue.
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Nokia Siemens Networks hopes to sell its first high yield bond. The company and its banks went ahead with the bond announcement on Monday, despite the pressure on equity and credit markets after uncertainty over the bailout for Cyprus, while other high yield issuers postponed roadshows.