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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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Banks launched the first leg of the buyout package for Hillhouse Capital’s purchase of Philips Domestic Appliances on Tuesday, readying an €850m seven year term loan, with bonds to follow. -
Cambodia’s Acleda Bank has returned to the loan market after a three-year absence, and is testing lenders’ appetite for three different deals simultaneously.
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Vietnam’s VNDirect Securities Corp has tapped the offshore loan market for the first time for a $50m borrowing.
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Investment firm China Renaissance Holdings has closed its debut offshore borrowing of $300m.
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Direct lenders are brandishing low levels of default rates through the coronavirus pandemic as proof of the resilience of the asset class, and are using this track record to attract more investors. But not all funds are equal, and now potential LPs can scrutinise the performance of funds through a full credit cycle and allocate accordingly.
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Thailand’s Charoen Pokphand Group, which tapped the loan market for a $7.2bn bridge loan last year to acquire retail giant Tesco’s Asia business, is now seeking covenant waivers on the fundraising. The move — which bankers say is triggered in part by CP’s plan to offload some of its newly-gained stake in Tesco — has hurt lenders’ confidence in the Thai conglomerate and raised questions around its strategy. Pan Yue reports.
