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Liquidity event at American manager comes at fraught time for industry
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 garment company Pan Brothers has been downgraded by Fitch Ratings for the third time in the past three months as a result of refinancing pressure. -
Thai conglomerate Charoen Pokphand Group will likely tap both the bond and loan markets to take out a bridge facility raised last year for the acquisition of retail giant Tesco’s Asia business.
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Hong Kong-based energy firm Fortune Oil has returned to the loan market. It is seeking $400m-equivalent to refinance an old borrowing sealed in 2018.
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Europe’s small and medium sized enterprises fear dark days ahead, as treasurers complain of banks withdrawing support and express concerns that central bank bond buying programmes favour the biggest and best capitalised companies. Mike Turner reports.
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HSBC’s aims to boost market share in investment banking and rebalance towards Asia remain intact despite the resignation of one of its most senior lieutenants. But 2021 must be about execution, writes David Rothnie.
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Bankers are readying a fat pipeline of new primary projects in leveraged finance, which are likely to meet a deep swell of investor demand — with P2Ps, carve-outs, acquisitions and secondary deals all ready to be distributed in the first quarter, thanks to a reviving M&A market in the second half of last year.
