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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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Singapore’s agribusiness company Wilmar International has raised a S$200m ($146m) bilateral loan from DBS using the country’s new interest rate benchmark.
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Nomura has cut jobs in its investment banking business in Europe over the summer, following losses in leveraged finance, as its new chief executive eyes up other regions for growth, writes David Rothnie.
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In the eternal contest between the high yield bond and leveraged loan markets, high yield has won the upper hand during the Covid-19 pandemic, and market participants expect that advantage to remain in the coming months.
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TeamViewer, the German remote connectivity software company, has amended bank facilities totalling €630m-equivalent, cutting 25bp-50bp off its margins after a spate of successes since its IPO last year.
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Genting Hong Kong, a cruise ship operator under financial pressure due to the pandemic, held a meeting on Monday with its bank creditors to discuss a debt restructuring plan.
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Compart Systems, a high precision metal components maker, has returned to the loan market to refinance an old borrowing from 2016, which was used to support its buyout by Platinum Private Equity.