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A slow destruction of misallocated investment is more likely than a sudden stop
LBO financing includes $5.75bn term loan to be priced early next week
Investors eye 2028, 2031, 2032 as big years for loan maturities
Even leveraged deals still being underwritten, though banks are selective
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Moody’s has torn up one of the shibboleths of the Schuldschein market — that its borrowers are worthy of investment grade ratings. On Wednesday, the rating agency said a number of borrowers from the car parts sector were overleveraged and not profitable enough. Investors appear to share these worries, but the Schuldschein market offers them little protection and there is no reliable secondary market for them to sell into.
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Vietnamese education company Nguyen Hoang Group is making its offshore loan debut with a $62m deal. -
Chinese company Sany Heavy Industry Co has returned to the offshore loan market after a nine-year absence for $600m.
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Virgin Media Ireland is looking for €900m of loans, which will have margins linked to specific KPIs, following the Virgin Media/O2 merger in the UK.
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JP Morgan has reorganized its leveraged finance capital markets operations in EMEA, with Todd Rothman and David De Boltz having relocated from London to New York.
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Consumer financing firm Home Credit Vietnam has launched an up to $100m loan into syndication, breaking down commitment tickets to smaller amounts to attract a wider group of lenders.
