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Deal could include $950m of bonds
Upper mid-market firms eschew ‘exciting’ stories as cracks emerge in European private credit
Pharmaceuticals and energy transition also ripe sectors for M&A
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The spreads on triple-A rated CLO tranches in euros are levelling off once more, after a spell of widening. The senior parts of the capital stack have become more accessible to investors, leading to a stabilisation of spreads which syndicates warn may be temporary. -
Thailand’s Gulf Energy Development Public Co is seeking a multi-billion loan in dollars and baht to fund the acquisition of telecommunications firm Intouch Holdings, giving banks yet another opportunity to finance a jumbo deal from the southeast Asian country. But there are challenges ahead, writes Pan Yue.
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China Oil and Gas Group’s $400m bond proved popular with investors this week as it offered the high yield market an alternative to property deals from the country.
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Chinese property company Leading Holdings Group has made its debut in the dollar market with a sub-one year bond.
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Too much supply in the US CLO market has caused the spreads on triple-A tranches to widen to 110bp-120bp, according to market sources. Issuance is expected to reach record levels this year.
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Virgin Media 02, the joint venture of Virgin Media and O2, has sold £1.13bn-equivalent of sterling and dollar notes, refinancing a set of bank loans signed ahead of the 50:50 merger, which finally closed earlier this month.
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