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Investors eye 2028, 2031, 2032 as big years for loan maturities
Even leveraged deals still being underwritten, though banks are selective
Liquidity event at American manager comes at fraught time for industry
Major sectors in leveraged loans are trading down, making shrewd credit selection vital
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Direct lenders and debt funds have always pitched themselves as being more suitable partners for businesses than banks, bondholders, or other institutional lenders. When the going gets tough, they can be quicker to waive covenants and offer new money than a less concentrated creditor group. But this also puts them in pole position to take the keys from a business should things go wrong — which we may see happen this year. -
German car part maker Stabilus began marketing a Schuldschein on Monday, as many consider whether the automotive sector should be back on investors' buy lists.
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Plastics packaging firm Klöckner Pentaplast has included an ESG margin ratchet in the loan leg of its refinancing, which was announced on Monday, a feature set to become increasingly common in European leveraged credit this year. Unlike previous deals with this structure, KP will take this structure to the dollar market, as well as euros.
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G.Network Communications, the London-centric broadband provider, has signed loans totalling £229m, with the company planning a £1bn investment programme into the UK capital.
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Taiwanese banks are increasingly asking their loans teams to avoid participating in deals led by global investment banks, in line with guidance given by the finance ministry last year and over fears of being burnt again by possible defaults.
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Hong-Kong-headquartered bank SC Lowy has hired Jonathan Graber for its trading team in London.
