Leveraged Loans - All Articles

  • Triple-B is winning in European corporate debt

    Triple-B rated corporate debt has grown more than most other rating bands in EMEA in the past decade, according to Moody's, and now accounts for a record share at 41%. This level of the market has expanded, against a backdrop of generally somewhat declining credit quality.

    • 30 Apr 2019
  • PVH finds fit for loan refi

    Fashion company PVH has refinanced its debt with a $2.6bn-equivalent loan package, with the Calvin Klein and Tommy Hilfiger owner signing bank lines in a variety of currencies.

    • 30 Apr 2019
  • Nomura’s ex-head loan trader moves to SC Lowy

    SC Lowy, a boutique bank headquartered in Hong Kong, has hired Tristan Laurencin as head trader for EMEA loans.

    • 30 Apr 2019
  • CSUL returns for $75m borrowing

    Indonesia’s Chandra Sakit Utama Leasing (CSUL) has launched a $75m offshore loan into general syndication.

    • 30 Apr 2019
  • Indomobil pays higher fees on loan market return

    Indomobil Finance Indonesia has paid up for its offshore loan return for a new $100m three year borrowing.

    • 30 Apr 2019
  • Petron strikes $800m for latest syndicated loan

    Philippine oil company Petron has received a strong response for its return to the offshore loan market, increasing the size of its deal to $800m.

    • 29 Apr 2019
  • Indonesia’s PTPN debuts with $200m loan

    Indonesian palm oil producer Perkebunan Nusantara III has launched its debut offshore borrowing into general syndication.

    • 29 Apr 2019
  • Profit Reach allocates $550m refi with 14 banks

    Profit Reach International, an investment vehicle owned by Chinese billionaire Shen Guojun, has closed a $550m refinancing, attracting 12 participants during syndication.

    • 26 Apr 2019
  • BOL increases pricing for loan relaunch after failed syndication

    The Bank of the Lao PDR (BOL), Laos’s central bank, has relaunched a loan following a failed syndication late last year, but it is not clear how successful it will be second time around. Pan Yue reports.

    • 25 Apr 2019
  • Mega pair back for offshore borrowing

    Indonesia’s Mega Central Finance and Mega Auto Finance have returned to the offshore loan market, jointly seeking a $100m dual currency deal.

    • 24 Apr 2019
  • SEG seeks debut offshore loan through Deutsche Bank

    SEG Automotive, a starter motor manufacturer, is tapping the offshore loan market for a €300m dual tranche facility.

    • 23 Apr 2019
  • Trajectory bodes well for US banks’ Q2s

    Investment banking activity suffered a sluggish start to the year at the top US names, particularly in equity underwriting, but conditions brightened as winter turned to spring.

    • 17 Apr 2019
  • Bankers vow tougher checks as HNA subsidiary in suspected default shock

    HNA Group’s Hong Kong subsidiary, CWT International, appeared to default on a secured Hong Kong dollar loan on Wednesday. Although the company has had debt problems in the past year, many bankers were still surprised by the default and said more thorough background checks will be carried out on Chinese borrowers in future. Pan Yue reports.

    • 17 Apr 2019
  • Formosa China, Vietnam units make loan comeback

    Two subsidiaries of Taiwan’s Formosa Plastics Corp are in the syndicated loan market raising a China onshore facility and an offshore deal respectively.

    • 17 Apr 2019
  • David Slade to take over UBS's combined DCM and levfin ops in EMEA

    UBS has reorganised its debt capital markets business, following the decision of global head Amir Hoveyda to step down from his role. It will merge leveraged finance and DCM, with David Slade heading the combined group in EMEA.

    • 16 Apr 2019
  • Capital markets need an Extinction Rebellion

    Sustainable finance is bubbling with exciting new initiatives. But making people feel good is not enough. Activity needs to produce results, and so far there is more noise than movement. The tone is far too sedate — it needs some hard core activism to break the torpor.

    • 16 Apr 2019
  • Banks join Inmarsat buyout ahead of deadline

    More banks have joined the acquisition loan for the Triton consortium’s buy-out of UK-based satellite tech provider Inmarsat, ahead of Tuesday’s deadline to make a firm offer for the company.

    • 16 Apr 2019
  • HNA Hong Kong subsidiary suffers loan default

    CWT International, a Hong Kong-listed subsidiary of cash-strapped HNA Group, has defaulted on a HK$1.4bn ($179m) loan.

    • 16 Apr 2019
  • Catalent buys Paragon in hot gene medicine market

    The US’s Catalent will buy Paragon Bioservices in a debt and equity financed $1.2bn deal, as consolidation in the gene therapy market builds pace.

    • 15 Apr 2019
  • Juneyao flies abroad for HK$1.8bn debut

    China’s Juneyao Airlines is tapping the offshore loan market for its debut borrowing of HK$1.8bn ($229m).

    • 15 Apr 2019
  • Aoyuan raises $162m from four banks

    China Aoyuan Group has received a $162m-equivalent three year secured loan from four lenders.

    • 12 Apr 2019
  • Winson pays up for $180m refi

    Hong Kong oil trading business Winson Group is paying up for an up to $180m secured revolving credit facility.

    • 12 Apr 2019
  • IMF warns on risks to corporate sector debt

    The creditworthiness of corporate borrowers in advanced economies has deteriorated while the volume of debt and financial risk taking has risen, the International Monetary Fund has warned. It also flagged up concerns about the sovereign-bank nexus in the eurozone and about market conditions for low income and frontier countries.

    • 11 Apr 2019
  • Firm loan market looks ahead as LBOs line up

    European leveraged finance loan investors are undersupplied. But this is unlikely to last for too long, as several buyouts are making their way towards the market. Banks are lining up financings to support auctions for Nestlé Skin Health, VFS Global and Elior Concessions, while the takeovers of Scout24 and RPC are nearing.

    • 11 Apr 2019
  • People moves in brief

    Diamond hires ex-colleague at Atlas — Salorio leaves DCM head vacancy at Soc Gen — Forese to retire from Citi

    • 11 Apr 2019
  • KMW joins mid-market loan jamboree

    German defence firm Krauss-Maffei Wegmann (KMW) has signed a €350m loan, amid a wave of mid-market activity in the European loan market.

    • 11 Apr 2019
  • Deutsche preps loan for buyout of French insurance broker April

    Banks are marketing the €550m acquisition loan for CVC’s take-private of French insurance broker April, led by Deutsche Bank as sole physical bookrunner.

    • 11 Apr 2019
  • Nomura cuts US investment bankers in revamp

    Nomura has put at risk a number of senior bankers in its Americas investment banking operation and refurbished its management team as part of a $1bn plan to cut costs. Senior names in M&A, leveraged finance, Latin America and risk solutions are leaving.

    • 11 Apr 2019
  • European Commission study sees no collusion in LBO market

    A study presented to the European Commission on competition in European loan syndication found no evidence of collusion and no need for further investigations. Indeed, for most bankers, the balance of power seems so tilted to borrowers that it has helped erode deal documents and yields in recent years.

    • 10 Apr 2019
  • Macquarie hires levfin head for EMEA

    Macquarie Capital is hiring a UK co-head, as well as a head of leveraged finance for Europe, the Middle East and Africa.

    • 10 Apr 2019
  • Citychamp eyes $150m debut loan through Hang Seng

    Hong Kong’s Citychamp Watch & Jewellery Group has launched a debut offshore borrowing with a $150m three year facility.

    • 09 Apr 2019
  • McKay Securities moves to syndicated borrowing

    The UK’s McKay Securities has signed a £180m revolving credit facility, with the office and industrial REIT switching its bilateral loans for a bigger syndicated deal.

    • 08 Apr 2019
  • HSBC equity-linked banker crosses floor to financial sponsors

    An equity-linked banker at HSBC in London has moved to a new role within the bank.

    • 08 Apr 2019
  • People moves in brief: April 5, 2019

    SG hires UK global markets head — Former financials bankers look to create bond platform — Credit Suisse hires for securitization sales

    • 04 Apr 2019
  • String of senior names leave Barclays

    A number of important bankers have quit Barclays. The exodus follows the departure of Tim Throsby, chief executive of Barclays International and Barclays Bank, and staff receiving their annual bonuses.

    • 04 Apr 2019
  • Boxing clever: Ifco breaks 400bp barrier

    The acquisition debt for Ifco, the spinout plastic boxing business of Australian logistics firm Brambles, will come inside the 400bp barrier some market participants see as crucial to bringing in CLO demand.

    • 04 Apr 2019
  • ICG hires former Carlyle buyout director

    ICG has hired Zeina Bain, a former managing director from Carlyle’s European buyout team. Bain is joining ICG’s European subordinated debt and equity team.

    • 04 Apr 2019
  • Axilone looks to take out second lien, also switch terms

    Axilone, the beauty product packaging firm, has launched an add-on to its first lien term loan. The money will be used to refinance the second lien debt it took out in January 2018, to part-fund its buyout by Citic Capital.

    • 03 Apr 2019
  • Spanish wind financing gets S&P’s highest green praise

    A €170m bridge facility for Spain’s Coronation Holdco Renovables has received the highest ranking from S&P Global’s green evaluation overview.

    • 03 Apr 2019
  • New Century taps onshore and offshore market for HK$2bn

    China's New Century Real Estate Investment Trust is tapping onshore and offshore loan markets for its latest deal.

    • 03 Apr 2019
  • Fiat Chrysler amends revolver amid loan market resurgence

    Fiat Chrysler Automobiles has extended the maturity of its €6.25bn syndicated bank facility, as loan market activity picks up at the beginning of the second quarter.

    • 02 Apr 2019
  • Vinmec launches $300m into general after attracting five during senior syndication

    Vinmec International General Hospital, a subsidiary of Vingroup, has launched a $300m deal into general syndication after receiving commitments from five banks during senior syndication.

    • 02 Apr 2019
  • JP Morgan private equity placement head joins boutique

    Broor Spahr van der Hoek is joining Arma Partners, leaving his role at JP Morgan as head of private placements and growth capital business for clients in Europe, the Middle East and Africa. The advisory boutique wants to develop its private capital offering as a complement to M&A services; it sees this form of financing as an increasingly relevant option for firms before they go public or are bought up.

    • 02 Apr 2019
  • Five provide £1.5bn for EPF, PNB Battersea Power Station acquisition

    Two Malaysian state-backed funds, Employees Provident Fund and Permodalan Nasional Berhad, have raised a £1.5bn ($1.96bn) three year bullet loan to support their acquisition of part of the Battersea Power Station development in London.

    • 02 Apr 2019
  • MasMovil raises €1.45bn loan to buy back convert

    Spanish telecoms provider MasMovil said on Monday that it had raised a €1.45bn seven year term loan to buy back a convertible bond subscribed by Providence Equity, one of the group’s anchor shareholders.

    • 01 Apr 2019
  • Berry boosts banking group for RPC buyout

    Berry Global said on Monday that it has added more banks to the financing for its purchase of UK packaging group RPC, one of the year’s hotly anticipated new money leveraged loans.

    • 01 Apr 2019
  • Chailease returns for $150m dual tranche borrowing

    Taiwan’s Chailease Holding Co has returned to the offshore loan market raising $150m, after a three year absence.

    • 01 Apr 2019
  • Perella Weinberg hires Goldman bankers

    Clinton Ray and Guy Morgan are joining Perella Weinberg Partners from Goldman Sachs to advise on restructurings.

    • 01 Apr 2019