Goldman, JPMorgan Traders Bid for Slice of Thames’ Proposed Debt

Bloomberg02:50

(Bloomberg) -- Debt traders are rushing to secure a piece of the new, super senior debt facility that creditors are set to offer Thames Water in coming months as the beleaguered utility tries to avoid...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2479256612?lang=en_US&edition=fundamental","thumbnail":"https://s.yimg.com/uu/api/res/1.2/iFCDsDIG1z88lVaHru6wGg--~B/aD0xMzM0O3c9MjAwMDthcHBpZD15dGFjaHlvbg--/https://media.zenfs.com/en/bloomberg_markets_842/650edc0da36c006ec33190b70bacbb05","is_english":true,"pubTime":"2024-10-30 02:50","share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","id":"2479256612","market":"us","top_or_hot":-1,"title":"Goldman, JPMorgan Traders Bid for Slice of Thames’ Proposed Debt","media":"Bloomberg","content":"<div>\n<p>(Bloomberg) -- Debt traders are rushing to secure a piece of the new, super senior debt facility that creditors are set to offer Thames Water in coming months as the beleaguered utility tries to avoid...</p>\n\n<a href=\"https://finance.yahoo.com/news/goldman-jpmorgan-traders-bid-slice-185044824.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman, JPMorgan Traders Bid for Slice of Thames’ Proposed Debt</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman, JPMorgan Traders Bid for Slice of Thames’ Proposed Debt\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-30 02:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/goldman-jpmorgan-traders-bid-slice-185044824.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Debt traders are rushing to secure a piece of the new, super senior debt facility that creditors are set to offer Thames Water in coming months as the beleaguered utility tries to avoid...</p>\n\n<a href=\"https://finance.yahoo.com/news/goldman-jpmorgan-traders-bid-slice-185044824.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0106831901.USD","symbol_name":"贝莱德世界金融基金A2","start_time":0,"source_url":"https://finance.yahoo.com/news/goldman-jpmorgan-traders-bid-slice-185044824.html","article_id":"2479256612","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/iFCDsDIG1z88lVaHru6wGg--~B/aD0xMzM0O3c9MjAwMDthcHBpZD15dGFjaHlvbg--/https://media.zenfs.com/en/bloomberg_markets_842/650edc0da36c006ec33190b70bacbb05"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2479256612","pubTimestamp":1730227844,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":" -- Debt traders are rushing to secure a piece of the new, super senior debt facility that creditors are set to offer Thames Water in coming months as the beleaguered utility tries to avoid an imminent liquidity crunch.Dealers at Barclays Plc, Goldman Sachs Group Inc, JPMorgan Chase & Co and Seaport Global Securities LLP are among those who have been bidding for chunks of the emergency funding at a price of around 101 pence on the pound sterling, according to a person familiar with the matter, who spoke on condition of anonymity. That’s a big premium compared with the 97 pence price at which the debt is due to be issued — alongside some additional sweeteners for the funds that will backstop the facility.The market-making is happening in volumes, with the JPMorgan desk bidding for 100 million , the person familiar said. Spokespeople for JPMorgan and Goldman Sachs declined to comment, while representatives of Barclays and Seaport didn’t immediately respond to requests for comment.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0106831901.USD":"贝莱德世界金融基金A2","GS":"高盛","BK4504":"桥水持仓","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","BK4127":"投资银行业与经纪业","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","LU2237443895.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","BK4585":"ETF&股票定投概念","BK4533":"AQR资本管理(全球第二大对冲基金)","JPM":"摩根大通","LU1791807156.HKD":"BGF WORLD FINANCIALS \"A2\" (HKDHDG) ACC","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","LU2237443465.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","BK4550":"红杉资本持仓","IE00BFXG1179.USD":"BNY MELLON U.S. EQUITY INCOME \"B\" (USD) INC","BK4588":"碎股","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","BK4552":"Archegos爆仓风波概念","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD"},"translate_title":"高盛和摩根大通交易员竞标泰晤士河拟议债务的一部分","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GS":1,"JPM":1},"content_text":"(Bloomberg) -- Debt traders are rushing to secure a piece of the new, super senior debt facility that creditors are set to offer Thames Water in coming months as the beleaguered utility tries to avoid an imminent liquidity crunch.\nDealers at Barclays Plc, Goldman Sachs Group Inc, JPMorgan Chase & Co and Seaport Global Securities LLP are among those who have been bidding for chunks of the emergency funding at a price of around 101 pence on the pound sterling, according to a person familiar with the matter, who spoke on condition of anonymity. That’s a big premium compared with the 97 pence price at which the debt is due to be issued — alongside some additional sweeteners for the funds that will backstop the facility. \nThe market-making is happening in volumes, with the JPMorgan desk bidding for £100 million ($130 million), the person familiar said. Spokespeople for JPMorgan and Goldman Sachs declined to comment, while representatives of Barclays and Seaport didn’t immediately respond to requests for comment. \nThames Water announced the new financing last Friday. It will consist of an initial tranche of £1.5 billion and will pay annual interest of 9.75%. The company could additionally tap a further £1.5 billion if it decides to appeal against a ruling on price controls — including the rate of return for investors — set to be delivered by regulator Ofwat on Dec. 19.\nThe new funding was agreed with a group of holders of Thames Water’s more senior Class A debt. The coordinating committee of that creditor group includes Elliott Management Corp, Silver Point Capital, Apollo Global Management, DE Shaw & Co, Diameter Capital Partners, Pacific Investment Management Co, and Sona Asset Management, as previously reported by Bloomberg News.\nWhile there is already a market for it, there are still some steps that Thames Water has to go through before it can issue this new super senior debt. \nFirst, it needs the consent of at least 75% of its creditors by a deadline of Nov. 19. On Friday, it said it had the backing of around 40% of its creditors, representing £6.7 billion of its debt pile. Once it’s passed that threshold, it will seek a court sanction of its new funding proposal with a first hearing expected on Dec. 17. \nThroughout the process, the water utility and its group of Class A creditors might face opposition from a competing set of Class B creditors, who have also put forward their own financing proposal for the company. The group, represented by lawyers at Quinn Emanuel Urquhart & Sullivan LLP, pitched new funding of over £1.5 billion to Thames Water with an annual coupon of around 8%.\nThis group includes funds Polus Capital, Covalis Capital, Zimmer Partners and Castleknight Management, as previously reported by Bloomberg. \n©2024 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2479256612"}