Utilities

The Shape of Water – Thames Water’s Protracted Restructuring

Published on Oct 23, 2026

Investor selectivity rises amid AI infrastructure supply pressures

Primary market demand remains strong, but investors are getting choosier. A growing pipeline of new-money financings is testing risk appetite, while a steady stream of M&A-related debt has kept the market busy. Leveraged loans continue to draw strong demand despite broader volatility. Most...

Published on Oct 20, 2026

Americas Leveraged Finance Weekly: M&A Fuels Loan Issuance; Volta Infrastructure Prices Loan Despite AI Jitters

Reporting: Caroline Hagood Relevant Item: Primary Tracker   Market Overview M&A activity in the primary market stole the spotlight this week among a packed calendar of leveraged loans, alongside a more unique AI financing for Volta Infrastructure’s inaugural primary offering. The...

Published on Oct 16, 2026

‘Power Islands’ Tap High-Yield Market as AI Data Centers Go Beyond the Grid

Reporting: Melina Chalkia, Geoff Burrows, Caroline Hagood For years, leveraged finance investors knew Solaris Energy Infrastructure as an oilfield logistics provider. Now it’s in the business of powering AI. Solaris shifted to behind-the-meter power generation in the past couple of years and...

Published on Oct 13, 2026

Oracle Force Majeure Sparks Investor Anxiety Over Data Center Financing Documentation and Political Pushback

Reporting: Ayse Kelce Oracle’s recent force majeure notice at Project Jupiter has forced data center investors to rethink the scope of risks associated with local municipalities pushing back on data centers and how force majeure provisions map across various deal documentations, sources say....

Published on Sep 28, 2026

Deviations From Critical Paths – PIK Litigation Blocks Ardagh Metal Packaging Sale; Air Baltic Diverted to Chapter 11; Trouble Brewing as Lipton Tea Co-Op Leaves Bitter Aftertaste

Reporting: Chris Haffenden“Nothing is a line. Everything everywhere is always moving forever. Get used to it.” Logan Roy The shortest path from the start to the finish is a straight line. In reality, however, in the corporate world situations rarely move in a linear fashion, with...

Published on Sep 18, 2026

Volta, Crusoe, and the fall AI financing rush

After the August lull, investors can expect a torrent of issuance to start the post-Labor Day calendar. Financings backing buyouts and M&A remains muted, but banks are rushing to market with billions in high yield bond and leveraged loan packages tied to the AI Infrastructure build out. Figures...

Published on Sep 10, 2026

Dry Rivers, Live Fires: Europe’s High-Yield Summer; the Resilient and the Exposed From Europe’s Changing Climate Risk

Credit Research: Wayne Jambawo Relevant Document: El Niño Analysis Record-low river water levels and a severe wildfire season in Europe are hitting European high-yield issuers through six concurrent channels. To our mind, the most important credit consideration for investors is the risk that...

Published on Aug 14, 2026

Munis Enter Heavy Week Expecting $17B in Supply

Reporting: Isabela Fleischmann Relevant Item: Spreadsheet (Muni Primary Issuance Tracker, Forward Calendar) The municipal bond market enters a heavier primary calendar this week with about $17 billion expected to price, on firmer footing after another week of positive performance, supported by...

Published on Aug 17, 2026

Investors Warn Data Center SRTs Function as Asset Gathering

Reporting: Vincent Nadeau Compressed pricing on significant risk transfer, or SRT, transactions referencing data centers reflects asset gathering by large investors rather than a commensurate premium for risk, according to sources, who describe the current pipeline as a moral hazard reminiscent of...

Published on Jul 17, 2026