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Goldman Trades Billions in Thames Water Debt as Hedge Funds Buy

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- Goldman Sachs has executed approximately £3 billion ($4 billion) of trades in Thames Water's bonds in September. - Hedge funds and distressed funds are actively bidding for the debt of Thames Water, the UK's largest water provider. - S&P Global Inc. and Moody's Ratings have downgraded Thames Water's Class A and B debt due to concerns over the company's cash flow. - Buyers are showing interest in the more illiquid and lower cash price bonds, as the market difference between shorter-dated and longer-dated bonds flatten. - Goldman Sachs has also traded Thames Water's bank debt, with £145 million changing hands since April. - S&P expects a debt restructuring and a potential default in the next 12 months, as Thames Water negotiates with creditors over options to address its liquidity shortfall.