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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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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. -
International SOS, a Singapore-based emergency medical assistance provider, is making its debut in the syndicated loan market for $320m.
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Cineworld announced on Monday it was closing all of its 536 Regal Cinemas in the US and its 127 Cineworld and Picturehouse venues in the UK from Thursday, adding urgency to the company’s search for enough liquidity to see it through the Covid-19 crisis in cinema.
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Friday’s confirmation that the Issa brothers, backed by TDR Capital, had won the auction for UK supermarket Asda, catapulted them into the super league of borrowers in European leveraged credit — the handful of entrepreneurs whose appetite for debt surpasses market appetite to lend to a single capital structure.
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As CLO spreads have rallied towards pre-Covid levels, some CLO managers have come to market with their second new issues since the pandemic first hit, taking advantage of loan prices still largely under par to ramp new issues quickly. But the new landscape is missing some of the market’s most well-known managers, and there’s a stubborn tail of pre-Covid warehouses still to shift.
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Bank of America has promoted Jeff Tannenbaum, its head of debt capital markets and leveraged finance EMEA, to head of global capital markets for the region.
