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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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OTE, the Greek telecoms company, plans to issue a five year high yield bond in euros to refinance its 2013 and 2014 notes.
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Seat Pagine Gialle, the Italian directories company, has decided to postpone an interest payment on its senior secured bonds. Some €65m of the 10.5% January 2017 notes were only issued last year as part of Seat’s debt restructuring.
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Yorkshire Water, the British water utility, has increased its high yield bond offering from £155m to £200m. The seven year subordinated holding company bond is expected to be priced tomorrow (Wednesday).
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Indonesian tyre manufacturer Gajah Tunggal returned to the dollar market in style at the end of last week, selling a $500m five year non-call three deal that gave it the money to finance a tender offer — and managing to get huge demand despite what some investors saw as its tight pricing.
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ENCE and Abengoa, the two Spanish issuers braving the European high yield market last week, were received well — showing that investors are ready to buy into peripheral Europe again.
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Yorkshire Water, the British water utility, is meeting investors for its £155m subordinated holding company bond. The seven year high yield notes are being marketed on Monday and Tuesday.