Leveraged Loans - All Articles

  • CNBM seeks lenders for maiden loan outing

    State-owned China National Building Material has kicked off its debut syndication through three bookrunners, seeking $160m from the fundraising.

    • 31 Jul 2018
  • CDH seeks $700m to support Sirtex acquisition

    Bank of China Macau branch is providing a $700m loan to back Chinese alternative asset management firm CDH Investment’s acquisition of Sirtex Medical, according to a source close to the situation.

    • 31 Jul 2018
  • Kartesia plants unitranche for Fertiberia

    Investment house Kartesia has provided a unitranche loan for Spanish fertiliser maker Fertiberia to replace part of its debt, as this type of lending becomes more popular in Europe.

    • 30 Jul 2018
  • Bank of America Merrill Lynch hires former Barclays levfin head

    Bank of America Merrill Lynch said last week that it had hired Jill Schwartz, the former global head of leveraged finance at Barclays. Schwartz has been named executive vice chairman in the firm’s global corporate and investment banking unit.

    • 30 Jul 2018
  • NetEase launches $500m debut loan

    Chinese internet firm NetEase is tapping the international loan market for the first time, seeking a $500m revolving credit facility.

    • 30 Jul 2018
  • China Aircraft Leasing seeks $790m borrowing

    China Aircraft Leasing is back with a $790m borrowing, pushing for a longer tenor to support its aircraft purchasing.

    • 26 Jul 2018
  • Fortune Oil returns for $400m loan after two years

    Fortune Oil PRC Holdings has returned to the offshore loan market for a $400m borrowing, refinancing a smaller deal closed in 2016.

    • 26 Jul 2018
  • Leveraged debt buyers 'ready for much more' to match 2017 record

    Investors in the European leveraged finance markets speaking to GlobalCapital said that, while issuance is lagging behind 2017's figures for the period, there is appetite for an increase in supply.

    • 25 Jul 2018
  • Poorly drafted loan docs could lead to Libor replacement trouble, warns Fitch

    Corporate borrowers are being urged to prepare for the phase out of Libor, but loan documents are not yet up to the job of facilitating an orderly switch to a new rate, warned Fitch Ratings on Tuesday.

    • 24 Jul 2018
  • BNPP merges US credit markets and banking, hires new levfin head

    BNP Paribas is combining its primary and secondary activities in US credit markets under a new Global Credit Markets Americas division, with a new head of leveraged finance joining from Deutsche Bank to bolster the firm’s offering.

    • 23 Jul 2018
  • Houlihan Lokey wades into US loan boom

    Houlihan Lokey has formed a new US leveraged loan syndication platform, HL Finance, with HPS Investment Partners working alongside the firm to underwrite and syndicate deals of up to $1bn.

    • 23 Jul 2018
  • SC Lowy hires Bishop for distressed debt sourcing

    SC Lowy Asset Management has hired William Bishop as senior sourcer for distressed debt in London.

    • 23 Jul 2018
  • BIDV eyes double up after big loan demand

    Joint Stock Commercial Bank for Investment and Development of Vietnam has postponed the deadline for its latest dollar loan until next week. But the move is not a sign of poor demand — the deal looks likely to be doubled to $300m.

    • 23 Jul 2018
  • Goldman and Morgan Stanley reassure investors on levloan boom

    Management at Goldman Sachs and Morgan Stanley used second quarter earnings calls to reassure investors about their exposure to leveraged loans, under questioning from RBC Capital Markets’ Gerard Cassidy, as fears grow about leverage levels and weak covenants.

    • 19 Jul 2018
  • CIFC turns to European credit, CLOs yet to come

    CIFC Asset Management, one of the largest CLO managers in the world, has recently turned its attention to Europe, with the hire of Joshua Hughes to start marketing and fundraising for European loan investments. It is planning to build out the business in the coming months with more London-based hires, including a senior investment professional to lead that side of the business — but it’s not diving headfirst into the increasingly crowded European CLO market.

    • 19 Jul 2018
  • OIS electronification in play for Sonia term rates

    The Bank of England this week laid out its plan to build reliable term rates from the sterling overnight interbank average rate (Sonia) that it has chosen to replace Libor, recommending that overnight index swaps on the rate be traded on venue.

    • 19 Jul 2018
  • New group tackles ultimate green challenge

    A move is under way to broaden the idea of Science-Based Targets — one of the most ambitious wings of the business world’s fight against climate change — to take in other ‘planetary boundaries’ such as fresh water and land.

    • 19 Jul 2018
  • Natixis goes it alone: sorting the balance sheet into green and brown

    Natixis will soon embark on an experiment that may be the first of its kind — introducing a green weighting factor to its internal economic capital model, to tilt incentives for its bankers in favour of green loans and away from ‘brown’ ones.

    • 18 Jul 2018
  • Investors ‘complacent’ in late cycle US levfin

    Corporate fundamentals paint a rosy picture of the health of US leveraged finance markets, but investors are getting complacent given the erosion of creditor protections and the rumbling threat of trade wars, wrote Guggenheim analysts on Wednesday.

    • 18 Jul 2018
  • Investors hope levfin supply boost favours covenant discipline

    The deal pipeline is growing heavier in the European leveraged finance markets, as borrowers adjust to wider yet not prohibitive pricing. But buyers of speculative grade debt also have their eyes on stronger documentation.

    • 18 Jul 2018
  • Birla Carbon wraps up $1.2bn loan with 17 on board

    Birla Carbon has closed a $1.2bn multi-tranche loan after attracting six participants during senior syndication, according to a banker close to the situation.

    • 18 Jul 2018
  • Tight arb, Libor mismatch eat into CLO equity

    US CLO equity returns have dropped compared with previous years, but the trade is still outpacing the rest of the fixed income market and should improve, sell-side analysts said this week.

    • 17 Jul 2018
  • Huarong Investment back for HK$3bn refi

    Huarong Investment Stock Corp has returned to the loan market for a HK$3bn ($382m) dual currency borrowing, offering similar terms as last year.

    • 17 Jul 2018
  • Sivantos unboxes jumbo loan for Widex LBO

    EQT is merging its hearing aid firm, Sivantos, with Danish peer Widex. The largest leg of its funding, a €2.6bn credit facility, has been launched in the leveraged loan market, which is digesting multi-billion deals again.

    • 16 Jul 2018
  • CEVA Logistics tackles leverage with loan refi

    Switzerland’s CEVA Logistics has appointed banks to arrange $1bn of bank financing, as the company looks to clean up its capital structure by repaying bank debt and buying back bonds.

    • 16 Jul 2018
  • Vingroup attracts 13 during syndication

    Vietnamese conglomerate Vingroup Joint Stock Company has closed an oversubscribed $400m five year loan to support its automobile business.

    • 16 Jul 2018
  • Codes of conduct: breathing life into dead words

    Are professional codes of conduct shining lodestars for how to behave in financial markets — or dusty screeds of boilerplate that no one can remember? That is what a group of enthusiasts are trying to discover, in the hope that such codes, if used in the best way, could genuinely improve behaviour.

    • 15 Jul 2018
  • Investcorp eyes push into middle market, other CLO debt

    Investcorp Credit Management is looking to expand its footprint in US secured corporate loans, with middle market credit and the CLO debt of other credit managers’ both targets, according to the firm’s head of US credit.

    • 13 Jul 2018
  • CNCB woos lenders to $500m debut loan

    CNCB (Hong Kong) Investment, a subsidiary of China’s Citic Group, has started wooing banks to its $500m debut loan.

    • 13 Jul 2018
  • eHi launches $200m refi into general

    Chinese auto rental company eHi Car Services has launched a $200m three year refinancing loan, led by sole mandated lead arranger and bookrunner Deutsche Bank.

    • 13 Jul 2018
  • H&H launches $350m loan into limited syndication

    Health and Happiness International Holdings has launched its $350m dual-currency loan into limited syndication.

    • 13 Jul 2018
  • RBC takes HSBC's Tufts for sponsors push

    Graham Tufts has left his position as vice chairman of leveraged and acquisition finance at HSBC and is understood to be joining Royal Bank of Canada in a senior role.

    • 12 Jul 2018
  • HSBC hires for sponsors and leveraged finance

    HSBC has hired two bankers, one from Credit Suisse and one from UBS, to strengthen its business with private equity firms and in offering leveraged financing.

    • 11 Jul 2018
  • Glut of CLOs drives decline in loan standards

    A spike in the supply of US leveraged loans and CLOs has caused spreads to widen in both markets in recent weeks. While CLO managers are scrambling to satisfy demand for the product, critics say they should be doing more to protect the quality of the loans they are investing in.

    • 10 Jul 2018
  • Corrected: Aegis closes $150m LBO loan after seven-month syndication

    Indian business process outsourcing company Aegis has closed a $150m leveraged buyout loan after a seven-month syndication process that attracted only three participants.

    • 10 Jul 2018
  • EQT allocates large Azelis buyout loan in private

    Specialty chemicals distributor Azelis offered a €1bn loan deal to fund its acquisition by EQT this week. It has pre-placed almost half of it amid widening margins in the European leveraged loan market.

    • 09 Jul 2018
  • VFS grows unsecured loan to cut second lien

    VFS Global, a tech services specialist for governments across the world, is reducing the cost of its subordinated debt by increasing the size of its term loans ‘B’ to pay down more expensive second lien loans.

    • 06 Jul 2018
  • Canvest boosts loan to HK$1.41bn

    Canvest Environmental Protection Group Company has increased its latest offshore borrowing to HK$1.409bn ($180m).

    • 06 Jul 2018
  • Powerlong closes $305m borrowing

    Powerlong Real Estate Holdings has closed a $305m offshore loan with three lenders.

    • 06 Jul 2018
  • Nets snares M&A funding

    Digital payment company Nets has agreed a €515m financing package, as the private equity owned Nordic company prepares to merge with Germany’s Concardis Payment and buy Poland’s Dotpay.

    • 05 Jul 2018
  • Investment banks beef up for take-private bonanza

    Banks have been hiring staff to help financial sponsors hunt jumbo take-private deals as opportunities dry up elsewhere, writes David Rothnie.

    • 05 Jul 2018
  • CVC takes pushback for Mehiläinen loan on the chin

    Investors have squeezed better terms out of Mehiläinen, the Finnish healthcare group seeking a €1bn loan to finance its acquisition by CVC.

    • 04 Jul 2018
  • Greentown allocates $800m loan among 18

    Property firm Greentown China Holdings has closed an $800m borrowing after attracting 17 lenders during syndication, according to a company filing.

    • 04 Jul 2018
  • US loans move toward wider pricing, tougher terms

    After a long wave of repricing activity, the amount of new money deals has increased in the US leveraged loan market and this is helping investors gain better terms and pricing.

    • 03 Jul 2018
  • Tikehau brings former Commerzbanker to lev loan desk

    French alternative asset manager Tikehau Capital has hired Lorcan Kinsella for its loan trading team, as it expands its leveraged debt business.

    • 03 Jul 2018
  • TVS Logistics closes $236.8m borrowing with ten

    TVS Logistics has attracted eight participants during the syndication of its latest dual-currency borrowing.

    • 03 Jul 2018
  • Smaller lev loans in as jumbos rekindle appetite from buyers

    Two borrowers, Marlink and Iris Software, offered a string of new medium sized leveraged loans this week, following the recent launch of some highly anticipated jumbo deals that sources say have helped renew investor interest in the European market.

    • 02 Jul 2018