Leveraged Loans - All Articles

  • French banks shine in rough year for leveraged finance

    The global high yield bond market has produced $320bn of new issues in 2018, up to December 21, 43% down on last year’s total of $563bn, according to Dealogic. Sentiment has turned progressively more bearish as the year has worn on, with concerns about US-China trade hostility and overvaluation of US equities biting.

    • 21 Dec 2018
  • Sponsors to have a soft spot for software in 2019

    Leveraged finance markets are set for a fresh stream of buyout deals in the software industry next year, with Europe becoming a busier playground for US private equity firms.

    • 19 Dec 2018
  • Vibrant levfin market needs to cool its boots as rates rise

    Europe’s leveraged finance market has survived another year without a downturn — indeed, spirits are remarkably buoyant going into 2019. The market is priced for perfection, however, and with rates starting to rise, issuers and investors have some serious forward planning to do. Victor Jimenez reports.

    • 18 Dec 2018
  • White hot levfin market faces intense 2019

    The leveraged finance market has been the best business for capital markets banks this year — but rising debt levels, weakened investor protections and the rapidly growing volumes have brought regulatory attention. Some banks are pulling back from the most aggressive deals, but others are taking their place, and a burgeoning non-bank lending sector is keeping the market white hot regardless.

    • 17 Dec 2018
  • Capital markets must avoid the optimism trap

    Sustainability is conquering finance — to judge by what the industry likes to talk about. Outside the window, the real economy continues much as before. Is all the noise about green finance actually shifting capital in the right direction — or is it just making people feel better?

    • 17 Dec 2018
  • Wounded London faces long Brexit contest with continent

    London has peaked as Europe’s capital markets hub. But how much of the business it will lose is still to play for. Bankers’ faith that only some functions need go looks misplaced. The stage is set for a drawn-out poker game between banks wanting to stay in London and continental regulators who hold a strong hand.

    • 17 Dec 2018
  • Zhongyu Gas returns for $250m three year loan

    Zhongyu Gas Holding has returned to the offshore loan market for its second borrowing this year, offering a $250m three year facility.

    • 17 Dec 2018
  • CS argues new look levfin biz is safer

    Credit Suisse used part of an investor day on Wednesday to offer a staunch defence of its leveraged finance business, which forms a larger part of its investment banking and markets business than at its major competitors, but which has seen increasing regulatory scrutiny this year.

    • 13 Dec 2018
  • Anta to launch €2.2bn Amer acquisition loan in January

    Chinese sportswear company Anta Sports Products is in talks with its six-strong bank group, mulling the syndication strategy for a €2.2bn five year loan to support the acquisition of Finland’s Amer Sports Oyj.

    • 13 Dec 2018
  • Dia denies endorsing LetterOne’s debt restructuring plan, but mulls rights issue

    Spanish supermarket group Distribuidora Internacional de Alimentación revealed a new scheme to solve its financial troubles on Wednesday, away from the potential debt cut and cash injection recently suggested by its largest single shareholder LetterOne.

    • 12 Dec 2018
  • HDFC swings into Samurai loan market

    Housing Development Finance Corp is taking the Samurai loan route for its second syndicated financing of the year.

    • 12 Dec 2018
  • Anta mandates six for €2.2bn acquisition loan

    Anta Sports Products has mandated six banks for a €2.2bn loan to back the €4.6bn acquisition of Finnish sports brand Amer Sports Oyj.

    • 11 Dec 2018
  • EQT fund for DL four times bigger

    Private equity firm EQT closed its largest direct lending fund this week, as market participants forecast a busy year for the market in 2019.

    • 10 Dec 2018
  • GlobalCapital Asia capital markets awards 2018: Loans

    GlobalCapital Asia has spent the last two months talking to banks and their clients in a bid to determine the most impressive capital markets transactions and advisers across Asia ex-Japan in 2018. We are pleased to begin our awards announcements in the loan market.

    • 10 Dec 2018
  • Brexit anxiety kills refi loan from Vue

    Cinema operator Vue International cancelled its £833m-equivalent leveraged loan offering amid increasing investor aversion to sterling risk, as the UK government and Parliament descended into a full-blown clash over the conditions for separation from the European Union.

    • 06 Dec 2018
  • Education loans in spotlight amid sector, financial challenges

    Three Chinese education companies have ventured out for new loans, adding a dash of diversity to the syndication market. But they come at a time when lenders are increasingly conservative about the sector, owing to stricter regulations and amid concerns around borrowers’ financial performance, writes Pan Yue.

    • 06 Dec 2018
  • Launches galore from Dongying, Dianchi and Laos bank

    Loans syndicate bankers in Asia are keeping busy until the end of the year with new deal launches from across the region.

    • 06 Dec 2018
  • Dongying pours out $200m two-tranche financing

    Dongying Fangyuan Nonferrous Metals and Dongying Lufang Metals Material have approached retail lenders for a joint borrowing of $200m.

    • 06 Dec 2018
  • Corp defaults to rise, says Moody’s

    Defaults among borrowers with speculative grade ratings are set to dive at the start of next year, but only for a while, Moody’s said in an outlook report for non-financial corporates this week.

    • 05 Dec 2018
  • Fund outflows bring levfin to standstill

    Investors in European leveraged debt seem to be giving up for the year. Funds and financial vehicles that buy high yield bonds and leveraged loans have seen large volumes of cash outflows, leaving borrowers with no other option but to step back this week.

    • 05 Dec 2018
  • Private equity jeopardising levfin creditor protections

    Senior credit analysts at Moody’s are warning that the private equity-led proliferation of weak creditor protections in the leveraged loan market may mean a more protracted and challenging default cycle in coming years.

    • 04 Dec 2018
  • Element seeks add-on with flexible covs

    Element Materials Technology, the UK materials testing company owned by Bridgepoint, was looking for a small loan extension this week, and seeking consent from its investors for higher leverage ratios under the loan covenants.

    • 03 Dec 2018
  • BOL set to return for $100m borrowing

    Bank of the Lao PDR (BOL) is planning to return to the loan market for a $100m facility with an unlimited greenshoe option.

    • 03 Dec 2018
  • Dianchi Water streams debut $150m loan

    China’s Kunming Dianchi Water Treatment has launched its debut offshore loan of $150m.

    • 03 Dec 2018