Leveraged Loans - All Articles

  • Muoio makes comeback to lead Fitch issuer team

    Tom Muoio is joining Fitch Ratings' corporate issuer team in September, three months after leaving Jefferies.

    • 31 Aug 2018
  • AkzoNobel kicks off new season in euro leveraged loan market

    The leveraged loan pipeline for September coughed into life this week, as AkzoNobel Specialty Chemicals unveiled the first jumbo deal of the week, a €5bn loan to support its buyout by Carlyle and Singaporean government fund GIC.

    • 31 Aug 2018
  • Chinese automaker, Xinyi Glass gauge demand

    A top Chinese automaker and Hong Kong listed-Xinyi Glass Holdings are separately sounding out banks for new syndicated financings.

    • 31 Aug 2018
  • Impact investing boom leads to verbal muddle

    Impact investing — a specialist field, outside mainstream financial markets, in which investors seek environmental and social outcomes — is burgeoning, leading promoters to raise their targets for the market’s growth. But at the same time, more conventional investors are also laying claim to the term “impact”.

    • 30 Aug 2018
  • Europe’s levfin markets up for action, say debt buyers

    Investors in corporate speculative grade debt in Europe are returning with appetite to their desks as the summer break ends. While the primary markets have yet to reveal a clear opening pipeline of deals for September, some fund managers said there were grounds to feel confident.

    • 30 Aug 2018
  • Honeywell spreads $1.7bn deal for Garrett spin-off

    Aerospace and control systems group Honeywell is poised to tap investors in both Europe and the US as levfin markets return to action next week. The firm will look to high yield buyers to help fund the separation of subsidiary Garrett Motion, but a portion of investment grade debt will also be on the table.

    • 30 Aug 2018
  • A New Hope: Chinese borrowers break lull in loans

    A pair of Chinese borrowers broke the lull in new loan syndications from north Asia this week, seeking a combined $450m from their latest fundraisings.

    • 30 Aug 2018
  • If the shoe fits: Belle seals HK$30bn A&E, div recap

    Belle International reeled in some five banks in general syndication for its HK$30bn ($3.8bn) loan, with several more commitments left to be processed before the deal is closed.

    • 30 Aug 2018
  • CPI Ronghe launches second offshore borrowing

    CPI Ronghe Financial Leasing is in the market for its second international loan after wrapping up a successful debut last November.

    • 29 Aug 2018
  • Investment Association joins push for sustainability

    The Investment Association, the trade body for 250 UK asset managers, is making a concerted effort to become more involved in responsible investment, seeking to influence government policy and help its members navigate this complex area.

    • 28 Aug 2018
  • CPI Ronghe makes comeback for $300m loan

    CPI Ronghe Financial Leasing, a subsidiary of State Power Investment Corp, has made a quick return to the loan market for $300m, nine months after signing its last borrowing.

    • 27 Aug 2018
  • Taiwanese banks gear up for $1.1bn LBO loan

    Taiwan’s leveraged loans market is finally set for some action, with private equity firm KKR seeking a $1.1bn-equivalent dual-currency deal to back its acquisition of LCY Chemical Corp. But uncertainties remain over whether the acquisition will get the government’s go-ahead.

    • 23 Aug 2018
  • Pakistan eyes $200m loan amid mounting debt

    Pakistan is making a quick comeback to the loan market, seeking $200m, amid a mounting debt crisis in the country. But economists and bankers said numerous funding avenues are available for the sovereign to manage its $12bn of outstanding debt.

    • 23 Aug 2018
  • SoftBank listing closer with new lev loan

    Japan telecoms company SoftBank took another step towards its flotation this week by replacing its intergroup credit with a double-B rated leveraged loan. This followed a high-yield bond sale in April with the same purpose.

    • 23 Aug 2018
  • Arensis pockets sterling leveraged loan in cash-rich European private debt mart

    Energy group Arensis has secured funding for new facilities in the UK from Hadrian’s Wall Capital. Recent fundraising in the private debt market suggests there is high demand for new deals.

    • 22 Aug 2018
  • HY investors fastening seat belts for Sept

    The European markets for leveraged debt were on holiday this week, with no primary deals, moderate trading volumes and a slow but persistent widening. Some investors believe this week’s recess will be replaced by tougher markets in September.

    • 22 Aug 2018
  • European politics is top risk to corporate credit, warns S&P

    The UK and Italy are potential flashpoints in a European credit market where political fragmentation is the biggest internal risk, Standard & Poor’s warned on Tuesday. Continued low interest rates will be crucial to companies staying in good financial health.

    • 21 Aug 2018
  • BAML's Munro heads to New York as global head of levfin

    Chris Munro, co-head of leveraged finance for Europe, Middle East and Africa at Bank of America Merrill Lynch, is leaving London to take up a new role as the bank’s sole global head of leveraged finance in New York.

    • 20 Aug 2018
  • Shriram Transport parks $350m loan in syndication

    India's Shriram Transport Finance Corp is tapping the loan market for a $350m five year borrowing, its first dollar-denominated fundraising.

    • 20 Aug 2018
  • Chailease seeks $250m loan in general

    Chailease International Finance Corp is turning to the loans market for an up to $250m borrowing, just a few months after sealing renminbi-denominated and Japanese yen facilities.

    • 20 Aug 2018
  • Paiho Shih returns for $120m refi

    Taiwan’s Paiho Shih Holdings has returned to the offshore loan market, seeking a $120m refinancing loan through KGI Bank.

    • 17 Aug 2018
  • Tata Motors closes $237.6m loan for bond buyback

    India’s Tata Motors has closed the senior syndication of an offshore loan worth $237.6m, helping the company fund the buyback of bonds due in 2020.

    • 16 Aug 2018
  • CLO resets needed to build ‘runway’ for downturn

    Tom Majewski, chief executive of US CLO equity investment firm Eagle Point, said on Tuesday that the firm was focused on resetting existing CLOs in which it held majority equity positions, in order to improve the arbitrage in the structures and also build “runway” for the company to benefit when the loan market eventually suffers a downturn.

    • 15 Aug 2018
  • US investors peek at Europe’s levfin debt to grab spread growth on similar risk

    Recent cash flows from funds buying European corporate bonds and loans with speculative grade ratings have increased with support from US investors, as markets get ready for the second half of the year.

    • 15 Aug 2018
  • Digital China launches $100m into general

    Chinese information technology company Digital China Group is tapping the offshore loan market for a $100m deal.

    • 14 Aug 2018
  • US levfin volumes jump after strong earnings season

    Both the US high yield and leveraged loan markets absorbed a flurry of deals at the end of last week after second quarter results painted a strong picture for corporate earnings.

    • 13 Aug 2018
  • MMI launches $205m refi into general

    Singaporean hard-drive manufacturer MMI International is seeking a $205m loan, mainly to refinance an old borrowing sealed in 2015.

    • 13 Aug 2018
  • Pan Jit International seeks $190m borrowing

    Taiwanese semiconductor producer Pan Jit International and its subsidiary Pan Jit Asia International are seeking a $190m-equivalent borrowing in two currencies.

    • 10 Aug 2018
  • BIDV closes $150m refi

    Joint Stock Commercial Bank for Investment and Development of Vietnam has closed an offshore borrowing worth $150m. After the company deciding not to exercise a greenshoe option, lenders faced a large scale-back.

    • 09 Aug 2018
  • Wider spreads here to stay, say leverage finance investors

    Buyers of speculative grade debt in Europe have entered August with renewed confidence and the hope that spreads can hold their recent widening during the second half of the year.

    • 08 Aug 2018
  • Vedanta Resources seeks $1.1bn loan to back delisting

    Credit Suisse and Standard Chartered are providing a $1.1bn loan to back the delisting of Indian metal and mining company Vedanta Resources from the London Stock Exchange.

    • 08 Aug 2018
  • China Industrial launches $510m debut loan

    China Industrial Securities International Financial Group, a subsidiary of Industrial Securities, has launched a debut loan of up to HK$4bn ($510m).

    • 07 Aug 2018
  • Frontier hit with downgrade after earnings disappoint

    S&P Global Ratings downgraded telecoms company Frontier Communications to triple-C status on Friday, swelling the proportion of the low-rated bucket in CLOs holding the debt.

    • 06 Aug 2018
  • NT$10bn needed to fund World Peace

    Taiwanese electronic components distributor World Peace Group is back in the market for a NT$10bn ($327m)-equivalent dual-currency loan. Meanwhile, a Foxconn subsidiary is seeking to refinance an old deal.

    • 06 Aug 2018
  • Imerys Toiture opens second lien for demanding lev loan investors

    The financing for the €1bn acquisition of roofing business Imerys Toiture to Lone Star Funds was revised this week to include a subordinated debt tranche, as levfin investors still active in August pocket riskier but higher yielding paper.

    • 02 Aug 2018
  • July unusually quiet for US corporate borrowers

    Across the credit spectrum, US corporate borrower inactivity made for a July that was exceptionally quiet, compared to typical summer volumes.

    • 01 Aug 2018
  • European leveraged finance markets already hot for August

    Europe’s leveraged finance markets are having a hard time slowing down for the traditional summer break. Investors are willing to keep deploying cash and issuers are responding, with several deals scheduled to be priced in the next two weeks.

    • 01 Aug 2018
  • Aharoni joins for TMT as Barclays keeps up banking hires

    Daniel Aharoni has started at Barclays as a managing director in its telecoms, media and technology team for Europe and the Middle East (EME).

    • 01 Aug 2018
  • Levfin set for lively August, IG keeps the pressure on

    Europe’s leveraged finance markets are having a hard time slowing down for their traditional summer break. Investors are willing to keep deploying cash and issuers are responding, with several deals scheduled to be priced in the next two weeks.

    • 01 Aug 2018
  • Wilmar wraps up bigger $1.8bn loan

    Singapore’s Wilmar International has bumped up the size of its dual-tranche borrowing to $1.8bn after attracting 24 participants during syndication.

    • 01 Aug 2018