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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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Indonesian textile company Sri Rejeki Isman (Sritex) saw its bonds plummet in the secondary market this week, as investors grappled with the company's missed debt payments and a series of ratings downgrades. Morgan Davis reports. -
Philippine property developer SM Prime Holding has returned to the loan market after an absence of five years.
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Covid-era deals looking for cheaper liability stacks are beginning to flood the market with refi and reset transactions, as they hit the end of their one year non-calls. Canyon Capital has reset and increased the size of Canyon CLO 2020-1, cutting 74bp off the margin of a senior tranche originally priced in May 2020.
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Golden Goose, the Italian shoemaker bought by Permira just before the coronavirus pandemic struck Europe, is looking for €470m of senior secured bonds to repay bridge facilities signed in the acquisition.
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Home Credit Vietnam is in talks with banks for a new $50m loan, with its planned fundraising receiving some early mixed response from lenders.
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Ares Management has raised a colossal €11bn for its new European direct lending fund, but firms whose investments hit the skids through the pandemic may not find it quite so easy.
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