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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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Lowell Group, the UK purchaser of defaulted consumer debt, tapped its 2019 high yield bonds for £75m on Wednesday. The add-on was not publicly announced before pricing and was based on reverse enquiry.
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Securitas Direct, the Swedish alarm maker with significant operations in Spain, sold a €100m tap of its floating rate notes in line with price guidance on Thursday.
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Nord Anglia Education jumped on the PIK toggle bond bandwagon on Thursday, marketing a $150m transaction to price on Friday. The five year non-call two notes follow Orion Engineered Carbons' PIK toggle deal on Tuesday.
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Grupo Corporativo Ono, the Spanish cable operator, is guiding its €250m senior secured high yield bond in the 8.5%-8.75% area. The 2020 notes will be issued through its special purpose vehicle Nara Cable Funding.
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Hornbach Baumarkt, the German DIY retailer, has mandated Commerzbank, HSBC and UniCredit to arrange a series of investor meetings.
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Kelda Group, owner of Yorkshire Water, issued its first holding company bonds since 2001 today, following the example of other UK water companies in using subordinated high yield debt to increase leverage.