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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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M&G Real Estate Asia has received a W115bn ($96m) green loan from OCBC Bank to finance a green building in South Korea.
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UBS reckons it has a hit upon a ‘unique formula’ for growth as it expands its investment banking offering to its high net worth clients, writes David Rothnie.
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Europe’s leveraged finance market is forecast to be hit by the biggest wave of defaults since 2009 next year, yet there is a disconnect with market sentiment. As Standard & Poor’s predicts the default rate to reach 8.5%, bullish investors continue to pile in. Silas Brown and Mike Turner report.
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Standard & Poor’s expects the European default rate to climb to the highest level seen since the fallout from the last financial crisis.
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The speed with which leveraged finance investors have embraced environmental, social and governance issues in the past 18 months has created an information impasse in the market, which the investors’ trade body is striving to ease.
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Valeo Foods, the Irish food producer behind brands such as Jacob’s Cream Crackers and Rowse’s Honey, has closed an amendment and extension deal for its euro and sterling leveraged loans.