Leveraged Loans - All Articles

  • Fitch beefs up levfin analysis with Fulcrum buy

    Fitch Group has reached an agreement to acquire Fulcrum Financial Data, which includes financial analysis brands such as Covenant Review, LevFin Insights and Capital Structure.

    • 31 May 2018
  • Sri Lanka taps CDB as sole lead on $1bn eight year

    China Development Bank has dashed the hopes of bidders for a $1bn loan to the Sri Lankan sovereign, clinching the mandate on a sole basis by offering an eight year facility, writes Pan Yue.

    • 31 May 2018
  • Citic Capital opens HK dollar loan into syndication

    Chinese alternative investment firm Citic Capital Holdings has approached the loan market for a new HK$2.5bn ($318m) borrowing.

    • 31 May 2018
  • Hermes opens new unconstrained fund as risk factors rise

    Investment house Hermes launched a new liquid credit fund this week, catering to clients seeking shelter from market volatility while foraging among new markets about which they know less.

    • 30 May 2018
  • Thunder rumbles in corporate bond market, but no rain

    Europe’s corporate bond market is dry. New issuance this week is out of the question, and liquidity is patchy. Spreads are being marked wider as concerns rise about Europe’s political and economic health. But investors have not lost their nerve.

    • 30 May 2018
  • Eurozone worries quiet levfin primary, but debt appetite undeterred

    High yield and leveraged loan issuance was almost at a standstill this week amid worries about the eurozone, but some fund managers were calling for borrowers to be braver.

    • 30 May 2018
  • Belle returns for A&E and dividend recap

    Chinese footwear brand Belle International is returning to the offshore loan market to amend and extend a borrowing signed last year, as well as to raise funds for dividend recapitalisation.

    • 30 May 2018
  • High yield hit by Italy sell-off, but concern runs deeper than that

    High yield bonds have sold off as financial markets have been rocked by the collapse of Italy’s coalition government-in-waiting — but a deeper concern is that the real cause of the weakness is anxiety about Europe’s economy itself.

    • 29 May 2018
  • HSBC suffers fresh sponsors defection

    HSBC’s financial sponsors team has been hit with another departure in a move linked to the ousting of Matthew Westerman as co-head of global banking last year.

    • 29 May 2018
  • RCBC seeks $300m in syndication

    Philippine firm Rizal Commercial Banking Corp is seeking a $300m offshore loan via five mandated lead arrangers and bookrunners, according to a banker with knowledge of the deal.

    • 28 May 2018
  • Viettel returns for up to $150m loan

    Vietnamese telecommunications company Viettel Group has returned to the syndications market after two years for an up to $150m term loan, according to a source close to the situation.

    • 25 May 2018
  • JP Morgan revamps sponsors biz with new role for Zaimoglu

    JP Morgan has named Mahir Zaimoglu head of EMEA financial sponsors M&A and deputy head of its sponsors group, in a move intended to reflect the increasing importance of PE firms, sovereign wealth funds and family offices as drivers of M&A activity.

    • 24 May 2018
  • EU begins driving investors toward ESG

    One of the most radical reforms ever made to financial markets is set to become law in a matter of weeks. Investors in Europe will have to ask clients about their environmental, social and governance preferences, and then abide by these choices.

    • 24 May 2018
  • Overweight investors trigger soft spots in buoyant levfin

    Ithaca Energy and Imagina joined a recent spate of European leveraged finance issuers failing to price deals or amending documentation this week. Investors have said they are recalibrating their portfolios after bingeing on debt from certain sectors, despite generally strong appetite for speculative grade paper.

    • 24 May 2018
  • Fosun Industrial out for $550m borrowing

    Fosun Industrial Co has returned to the offshore market for a $550m three year senior term loan that will refinance debt taken on for an acquisition last year.

    • 24 May 2018
  • Aggressive loan terms drive concerns on recovery rates

    Fiscal stimulus and economic growth should keep the credit cycle going for another two years, but the weakening of investor protections will damage loan recoveries when the market turns, said panellists at an IMN investors’ conference on CLOs and leveraged loans on Wednesday.

    • 23 May 2018
  • Barrow Hanley hires portfolio managers for new US loan strategy

    US investment manager Barrow, Hanley, Mewhinney & Strauss has hired two portfolio managers to set up a new bank loan fund and to lead the firm’s efforts across sub-investment grade US corporate debt.

    • 22 May 2018
  • TDC unveils €4bn loan amid LBO timing doubts

    Telecoms company TDC fired the opening shot of a multi-billion funding package for its leveraged buyout this week, with some investors showing mixed feelings about such deals.

    • 21 May 2018
  • Alvarez & Marsal takes aim at Big Four, hopes for Macron M&A surge

    Alvarez & Marsal has continued its drive into the transaction advisory business with the hire of four managing directors in Paris. The firm believes the moment is opportune because of regulatory change and the 'Macron effect'.

    • 21 May 2018
  • China’s Yixin presses the accelerator on $150m outing

    Chinese automobile financing retail transaction platform Yixin Group is tapping the loan market for a $150m borrowing, six months after listing through a HK$6.8bn ($867.2m) IPO in Hong Kong.

    • 17 May 2018
  • Hermes adds to Europe’s bulging direct lending market

    Hermes has launched a European direct lending fund, as the investment manager looks to carve out part of a market that has recently reached record highs by volume.

    • 16 May 2018
  • Bigger returns come with lite covenants in euro lev loan market

    Speculative grade investors are being tempted by higher total returns in the leveraged loan market, but lack of supply and growing demand is favoring a loosening of default protection covenants.

    • 16 May 2018
  • Goodbaby ventures out for $250m debut

    China’s Goodbaby International Holdings, a developer of parenting products, is debuting in the offshore loan market with a $250m borrowing.

    • 16 May 2018
  • Canvest attracts five banks to $150m borrowing

    Canvest Environmental Protection Group Company’s Hong Kong dollar denominated $150m-equivalent loan has attracted five participants.

    • 16 May 2018
  • HSBC names head of sponsors coverage

    HSBC has appointed Borja Azpilicueta as global head of its sponsors, sovereign wealth fund and institutional private clients, replacing Alexis Maskell, who left for Citi earlier this year.

    • 15 May 2018
  • TVS Logistics eyes $235m from loan increase

    Indian company TVS Logistics Services wants to increase a loan that it launched in November.

    • 15 May 2018
  • HSBC loses lev fin MD

    A senior member of HSBC’s EMEA leveraged finance team has left the bank, according to sources.

    • 15 May 2018
  • Universal Medical returns for $350m borrowing

    Universal Medical Financial & Technical Advisory Services Co is making a quick return to the offshore loan market, six months after sealing a borrowing of around $600m.

    • 15 May 2018
  • US levfin buyers get piecemeal progress in fight for better terms

    New terms are emerging in US leveraged finance documentation, as investors try to push back against the loosening of investor protections, but critics claim such provisions are too narrow and too ineffectual to stem the tide of a seller’s market.

    • 14 May 2018
  • Trump throws weight behind China's ZTE

    Chinese telecommunication company ZTE, which is asking for a covenant waiver on a $450m loan, is set to get some relief after US president Donald Trump said he would work with China to get the company back to business soon.

    • 14 May 2018
  • Birla Carbon woos banks in senior syndication

    Birla Carbon, part of Indian conglomerate Aditya Birla Group, is targeting its relationship banks for the senior syndication of a $1.2bn borrowing.

    • 14 May 2018
  • Silver Lake offers £2.2bn to rehome Zoopla owner

    Silver Lake Management, the US private equity firm, has agreed to buy ZPG, the parent of UK property search website Zoopla, for £2.2bn. It has already lined up debt to fund the purchase.

    • 11 May 2018
  • Guoxuan debuts with $300m borrowing

    China’s Hefei Guoxuan High-Tech Power Energy has tapped the offshore loan market for the first time, unveiling a $300m loan.

    • 11 May 2018
  • Valeant to bring looser terms in $5.3bn refinancing

    After releasing first quarter results, Canadian drugmaker Valeant is again looking to refinance old debt with less restrictive facilities, announcing a new $5.3bn refinancing package on Thursday.

    • 10 May 2018
  • Lloyds shakes up roles, replaces loans head

    Lloyds Bank has replaced Ian Baggott, its head of loan markets.

    • 10 May 2018
  • Interserve 'saves the company' with debt lifeline support deal

    Interserve, the struggling support services and construction firm, has signed an £834m-equivalent three year refinancing facility, just months after it narrowly avoided breaching a covenant on its old debt.

    • 10 May 2018
  • Muzinich’s new fund bucks direct lending slowdown

    Fundraising for private debt in Europe has slowed, but a new pan-European private debt fund from US house Muzinich targeting mid-market businesses, had raised €460m at its third close this week. The final close is expected later this year.

    • 10 May 2018
  • ZTE lenders fear ‘sacrifice’ amid China, US dispute

    ZTE Corp’s travails have taken a toll on the Chinese telecommunications firm and its bank lenders, with the company seeking a waiver after a covenant breach on a $450m loan. Despite the Chinese government throwing its weight behind ZTE, smaller lenders in the syndicate are worried about the ramifications, writes Pan Yue.

    • 10 May 2018
  • No let-up in US loan doc loosening, say lawyers

    Speakers at a loan industry conference in New York on Wednesday highlighted the continued erosion in the quality of investor protections in leveraged loans, a trend that many expect will make recovery rates worse when the credit cycle turns.

    • 09 May 2018
  • Banks to get own PRI with Principles for Responsible Banking

    A new grouping is set to join the legion of initiatives promoting a more sustainable financial system: the Principles for Responsible Banking.

    • 09 May 2018
  • Ropes & Gray bids for bank clients by hiring MD from Goldman Sachs

    Law firm Ropes & Gray has hired former Goldman Sachs managing director Carol Van der Vorst as a partner in its leveraged finance team in Europe.

    • 09 May 2018
  • Europe’s leverage debt marts prepare for busier times

    The European leveraged finance primary market has been idling this week, with less than €1bn of paper on offer. Backstage, however, things have been buzzing.

    • 09 May 2018
  • Corporate bond investors not ready to wield power yet

    The volatility and widening of corporate bond spreads in Europe since February has led many bankers to comment that the balance of power has shifted from issuers to investors. Investors, however, suggest otherwise.

    • 09 May 2018
  • HoF angers Sports Direct for finding new owner over CVA

    House of Fraser, the department store chain, has joined the trail of UK high yield retailers that have turned to company voluntary arrangements (CVAs) to deal with financial difficulties. But this time, the borrower has also found a new owner, a development its 11% shareholder Sports Direct is threatening to block in court.

    • 08 May 2018
  • Returns on riskiest US lev loans outpace wider market

    The riskiest end of the US leveraged loan market has outperformed the wider loan market in the year to date, although investors are starting to push back on pricing in some instances.

    • 08 May 2018
  • Indomobil Finance returns with $100m loan

    Indomobil Finance Indonesia has returned to the offshore loan market for a new $100m borrowing, according to a banker invited to participate in the deal.

    • 08 May 2018
  • Kangde Xin kicks off $200m loan debut

    Kangde Xin Composite Material Group has made its debut in the offshore loan market, launching a $200m three year deal into syndication.

    • 08 May 2018
  • ZTE sends waiver request for $450m loan

    Chinese telecommunications firm ZTE Corp, which has failed to comply with a covenant on a $450m syndicated loan due in July, has requested lenders to waive the breach, according to bankers close to the situation.

    • 07 May 2018
  • Greentown cuts price on $630m refi

    Property firm Greentown China Holdings has returned to the offshore debt market for a $630m term loan to refinance a similar deal sealed in 2016.

    • 07 May 2018
  • Sri Lanka receives four bids for $1bn loan

    Sri Lanka has received proposals from four different groups of banks for its latest offshore borrowing of up to $1bn.

    • 04 May 2018
  • CLOs, mutual funds fuel US leveraged loan market past $1tr

    More than $1tr of leveraged loans are now outstanding in the US market, according to the Loan Syndications and Trading Association. The market has doubled in size in just eight years, with lower rated loans swelling volumes as CLOs and retail funds chase yield in corporate credit.

    • 02 May 2018
  • Puma Energy wraps up bigger $1.37bn loan

    Puma Energy has closed a $1.37bn syndicated loan, with commitments from 48 banks helping the company boost its fundraising.

    • 02 May 2018
  • GTT takes $2.9bn in euros, dollars for Interoute buy

    GTT Communications, the US cloud networking provider, has mandated banks to arrange a dollar and euro loan of $2.87bn-equivalent for itself and a Dutch subsidiary. The deal will only go through if it completes its acquisition of Luxembourg’s Interoute.

    • 01 May 2018