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Major sectors in leveraged loans are trading down, making shrewd credit selection vital
Deal could include $950m of bonds
Upper mid-market firms eschew ‘exciting’ stories as cracks emerge in European private credit
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Piramal Glass has closed its $355m leveraged buyout loan, receiving strong response from 14 participants. -
Cathay Pacific Airways has sold its first dollar bond in more than 20 years, battling suppressed business over the last two years to raise $650m from the long-overdue deal.
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JSW Hydro Energy, a subsidiary of Indian power company JSW Energy, sold its first international bond this week, taking $707m from the green transaction.
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Spreads on triple-A notes have once again begun to tighten, following a pause while the market digested the heavy flow of new supply. Market participants expect further tightening could follow from June.
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Monday brought another strong start to the week for European high yield, with six new bonds announced and other deals, such as EQT’s Cerba healthcare financing, set to close this week. Italian issuers led the way, with bonds for International Design Group, Lutech and Cedacri in the market.
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Swedish private equity firm EQT launched senior and subordinated bonds on Monday to finance its acquisition of Cerba Healthcare, the diagnostics company headquartered in France.
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