Leveraged Loans - All Articles

  • Air India sends out RFP for $819m refi

    Air India has sent out a request for proposals for a loan to refinance an $819m existing bridge facility taken to buy Boeing aircraft.

    • 31 Oct 2019
  • Hunt for US securitization yield helps Credit Suisse

    Credit Suisse’s third quarter results, released on Wednesday, continued a trend for the bank this year: suffering in the primary markets but doing well in trading.

    • 30 Oct 2019
  • Distressed loan trading leaps forward as new tech tool slashes settlement time

    Distressed loans using US documentation are some of the slow trades to settle in the capital markets, with an average time of 67 days, reflecting onerous legal requirements under the Loan Syndication and Trading Association standard terms. A new tool released by IHS Markit as part of its ClearPar loan settlement platform has the potential to slash this delay, with a recent trade by Deutsche Bank taking just 10 days to settle.

    • 30 Oct 2019
  • State Grid seeks loan to back $2.2bn Chilean acquisition

    State Grid Corporation of China is in talks with banks for a loan to support its $2.23bn acquisition of Sempra Energy’s Chilean business.

    • 30 Oct 2019
  • Grifols seeks looser terms in $5.3bn refi launch

    Spanish pharmaceutical company Grifols is planning to take advantage of balmy market conditions with a refinancing package that will replace most of its outstanding debt. The package will consist of a $3bn term loan B in dollars, a $1.6bn TLB in euros and $1.25bn of senior secured bonds issued in euros.

    • 29 Oct 2019
  • Citi appoints Eler for consumer and retail

    Emre Eler is joining Citi, after nearly two decades at JP Morgan.

    • 29 Oct 2019
  • USI increases loan to $420m

    Universal Scientific Industrial (Shanghai), a subsidiary of Taiwan’s Advanced Semiconductor Engineering, has increased its debut offshore borrowing to $420m-equivalent.

    • 29 Oct 2019
  • Tsinghua Unigroup seeks A&E for two 2017 borrowings

    Lenders have until Friday to respond to an amendment and extension of Tsinghua Unigroup’s two old borrowings from 2017. The banks were given just two weeks to respond.

    • 25 Oct 2019
  • Deutsche Bank’s old guard keeps the IB dream alive

    Deutsche Bank is relying on a tight team of loyalists to revive its corporate finance ambitions, writes David Rothnie.

    • 24 Oct 2019
  • People moves in brief

    JP Morgan changes line-up for energy and utilities, multi-nationals, UK ECM and UK M&A — UniCredit swaps out CEE investment bank head — Pigasse exits Lazard

    • 24 Oct 2019
  • Casino rescue refi package runs into rating trouble

    Moody’s downgraded the corporate rating of overleveraged French supermarket group Casino Guichard-Perrachon during a crucial refinancing. The group is already offering a generous spread on its new term loan, which it has to execute in order to unlock up to €2bn of revolving bank debt.

    • 24 Oct 2019
  • Vietnam loans pipeline builds up as the country benefits from trade war

    Vietnamese companies are increasingly turning to the offshore loan market, providing bankers with relief amid a wider slowdown in Asia. Pan Yue reports.

    • 24 Oct 2019
  • JP Morgan shakes up energy and utilities team

    James Janoskey will head up JP Morgan’s investment banking activities for energy in Europe, the Middle East and Africa.

    • 23 Oct 2019
  • Watkins and Hall swap roles at JPM

    JP Morgan has appointed Alex Watkins as head of equity capital markets for the UK, replacing Nicholas Hall. Meanwhile, the bank has picked a new head of its consumer and retail sector coverage team for UK investment banking.

    • 23 Oct 2019
  • Parkson receives HK$3.9bn loan from Chinese consortium

    Parkson Retail Group, a department store operator, has returned to the loan market after eight years, sealing a HK$3.9bn ($497m) borrowing.

    • 23 Oct 2019
  • VodafoneZiggo follows senior refi with vendor finance note

    VodafoneZiggo is marketing a €400m vendor financing note through Citi and Credit Suisse, which will part-fund the Dutch telco’s existing €1bn vendor financing programme

    • 22 Oct 2019
  • JPM takes Estevez as multi-nationals boss

    Alvaro Estevez has joined JP Morgan from Bank of America, in order to lead a team that works with large multi-national companies.

    • 22 Oct 2019
  • UBS investment bank restructuring to cost $100m

    UBS is reorganising its investment bank, trying to save $90m a year, it revealed on Tuesday, alongside a dismal set of third quarter results for underwriting and advisory.

    • 22 Oct 2019
  • JP Morgan takes Murray as UK M&A chief

    Celia Murray has been appointed as head of M&A and corporate finance for the UK at JP Morgan.

    • 22 Oct 2019
  • China’s Jushi, Lepu make loan debuts

    China Jushi, which makes fibreglass, is seeking a $150m debut borrowing through sole mandated lead arranger and bookrunner Standard Chartered.

    • 22 Oct 2019
  • Pigasse leaves Lazard for new endeavour

    Matthieu Pigasse, one of France’s most famous bankers, is leaving Lazard for a new project.

    • 21 Oct 2019
  • VPBank Finance makes quick loan return for $150m

    VPBank Finance has made a quick comeback to the offshore loan market, seeking its third deal this year.

    • 21 Oct 2019
  • Levloan underwriting limits could cut global risks

    Investors who have been pushing banks to clean up their act for years have welcomed the new Principles for Responsible Banking. But the real test will be action, not words

    • 19 Oct 2019
  • Vingroup eyes $500m in senior syndication

    Vietnamese conglomerate Vingroup Joint Stock Company and its automobile subsidiary VinFast have returned to the loan market, seeking a total of $500m in senior syndication.

    • 18 Oct 2019
  • People moves in brief

    Nomura’s Cicchine heads for Deutsche — Macquarie finds head for new lending group — Citi promotes ECM bankers.

    • 17 Oct 2019
  • Brexit deal chance lights up UK cap market hopes

    A surprise agreement between the UK government and the European Union has led to renewed optimism for the country's capital markets. There is hope that an orderly Brexit, or even a long extension, will lead to an increase in investment from UK companies, particularly in the form of M&A. Investors are more than willing to finance these deals, write Sam Kerr, Jasper Cox and Mike Turner.

    • 17 Oct 2019
  • Deutsche takes Nomura’s Cicchine for healthcare

    Paolo Cicchine will join Deutsche Bank as vice-chairman of global healthcare coverage.

    • 17 Oct 2019
  • Indorent holds non-deal roadshows

    Sumitomo Mitsui Banking Corp is arranging non-deal roadshows for Indonesian car rental service provider CSM Corporatama.

    • 16 Oct 2019
  • Fullerton allocates $250m among 17 lenders

    Fullerton India has closed its $250m-equivalent borrowing after 14 participants joined the three bookrunners during syndication.

    • 16 Oct 2019
  • India’s Vedanta, Syndicate Bank return for loans

    Vedanta Resources has made a quick loan comeback for a $500m borrowing.

    • 16 Oct 2019
  • Goldman slips up as JPM powers ahead

    JP Morgan, Citi and Goldman Sachs kicked off the third quarter results season for investment banks on Tuesday. While debt and equity underwriting revenues grew substantially at JP Morgan compared with the equivalent quarter of last year, they fell at Goldman.

    • 15 Oct 2019
  • Macquarie hires UBS’s Repaci to lead new levfin group

    Macquarie Capital has hired UBS banker Vincent Repaci to head a new asset-based lending group to cover sponsor clients, supporting LBOs, refinancings and restructurings. He joins three other recent senior hires in leveraged credit at the firm.

    • 14 Oct 2019
  • Shanghai Sinooil defaults on $400m loan

    Shanghai Sinooil Energy Holding Hong Kong, a subsidiary of state-owned China Energy Reserve and Chemical Group, has defaulted on a $400m offshore loan.

    • 14 Oct 2019
  • People moves in brief

    UBS names levfin head — Mizuho finds four high yield bankers — Fintech firm Nivaura gives role to ex-HSBC syndicator

    • 10 Oct 2019
  • Mackey to head levfin at UBS

    UBS has appointed Sarah Mackey as head of leveraged finance for Europe, the Middle East and Africa.

    • 10 Oct 2019
  • Acquisition target Low & Bonar asks for covenant holiday

    Low & Bonar has asked its lenders to waive covenant testing on its credit facility, as the UK polymers company battles through a tough trading period and tries to ensure its acquisition by a German rival goes ahead.

    • 10 Oct 2019
  • H&H, Shui On Land cut pricings for refinancing deals

    Health and Happiness International Holdings and Shui On Land have both made swift returns to the loan market for tightly priced deals.

    • 10 Oct 2019
  • Tata Capital seeks second loan in five months

    India's Tata Capital Financial Services has made a quick loan comeback, seeking a $135m-equivalent dual-currency deal.

    • 10 Oct 2019
  • Investors look for cracks in thumping corporate market

    The search for yield is shovelling more fuel on to the fire of an already blazing corporate bond market. Investors are keeping a close watch on Enel’s euro sustainability-linked bond issue, which is being marketed via investor calls on Wednesday, as a gauge of the market's health.

    • 09 Oct 2019
  • San Miguel seeks $1.75bn for Holcim acquisition loan takeout

    Philippine conglomerate San Miguel Corp is inviting banks to join a $1.75bn term loan that will be used to take out a bridge facility that supported its acquisition of Holcim Philippines.

    • 09 Oct 2019
  • H&H cuts pricing on longer tenor refi

    Health and Happiness International Holdings, a China-based supplier of paediatric nutritional and baby care products, has returned to the loan market for a multi-tranche transaction.

    • 08 Oct 2019
  • Bain and Blackstone buyout bonds clamp down on ‘net short’ investors

    The bond leg of the loan-dominated buyout packages for Kantar and Merlin hit the market on Monday, giving investors a chance to buy subordinated debt in size. But both Bain Capital, and Blackstone, the sponsors, have included controversial provisions to limit the rights of noteholders who are ‘net short’.

    • 07 Oct 2019
  • Chailease closes $300m deal with 17 banks

    Chailease International Finance Corp has closed its third offshore loan of the year, finding demand from 17 lenders for a $300m facility.

    • 04 Oct 2019
  • High margin cap markets businesses are key to Commerz plan

    Commerzbank has come through a period of intense scrutiny with a no-nonsense strategy that reflects its culture. A dash of investment banking ambition is thrown in, writes David Rothnie.

    • 03 Oct 2019
  • Apollo-owned Lumileds could top 14x leverage

    A brutal market for auto suppliers and a string of dividend deals have left Lumileds, a maker of LED lighting and an Apollo portfolio company, staring at a leverage level which could top 14 times by year-end, according to Moody’s. The company’s loan saw the largest price fall in Europe over the last quarter, according to IHS Markit, and is now bid around 47, compared with 70 in June.

    • 02 Oct 2019
  • Credit markets take advantage of breather before Brexit

    Leveraged credit investors are keen to put cash to work this week, and arrangers see a plausible window to execute deals. Opportunistic and strategic financings are both on offer. UK issuers are well represented, nipping through a window before political uncertainty grips the market over the Brexit deadline at the end of the month.

    • 02 Oct 2019
  • PNB Housing ends loan break with $75m deal

    India’s PNB Housing Finance is breaking a five-year absence from the loan market, launching a new $75m deal into syndication.

    • 02 Oct 2019
  • Lao MoF launches €135m loan into general

    The Ministry of Finance of the Lao PDR is inviting banks to join a €135m five year loan that Credit Suisse pre-funded in June.

    • 02 Oct 2019
  • HSBC’s Enns heads to Asia as Guyett seeks rebalancing

    HSBC is reorganising its corporate finance coverage and sending the co-head of the business, Peter Enns, to Asia as part of a global revamp under Greg Guyett, the bank’s new global banking boss.

    • 01 Oct 2019