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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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Indian borrowers are finally returning to the offshore loan market after months of little to no action. But even as a pipeline builds, bankers remain wary of challenges around execution. Pan Yue reports. -
NatWest plans to contact around 3,500 of its corporate clients from Thursday to inform them about the end of Libor as a benchmark and what their options and next steps are, as a recent survey showed that the vast majority of companies have not made any tangible efforts towards moving debt facilities to risk-free rates.
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Sheng Ye Capital, a Hong Kong-listed financial services provider, has made its debut in the syndicated loan market. It is raising funds in offshore renminbi.
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US private placement market insiders fear a round of early prepayments, as companies look to wriggle out of the straightjackets of financial covenants and issue public market bonds instead. Amendments brokered at the start of the coronavirus pandemic are up for review now, and sources think these talks will involve tough conversations between borrowers and lenders.
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Almost two thirds of companies are still unprepared for the transition away from Libor, as lenders in London say they are in “intensive” discussions with clients about the switch to risk free rates.
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International SOS, a Singapore-based emergency medical assistance provider, is making its debut in the syndicated loan market for $320m.
