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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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JP Morgan and Nomura have started the syndication of the loan backing Bridgepoint’s buyout of French mortgage insurance broker Financière CEP, in a sign that market conditions have improved enough to fire the starting gun on the sale of loans underwritten before the coronavirus crisis shut markets. -
China’s Hope Education Group is making its debut in the offshore loan market for a $200m borrowing.
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Genting Hong Kong, a cruise ship operator, has sent out a waiver request to lenders to postpone the principal payments on a $300m loan, as it navigates challenges posed by the Covid-19 pandemic.
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Without a vaccine for the coronavirus, it is clear that reopening offices is a serious risk for capital markets businesses. What firms need are strict distancing measures, facial masks and hand sanitiser — but also, crucially, access to frequent testing for the virus and the antibody.But that is a path fraught with difficulty.
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Some financial sponsors are said to be trying to purchase loans from their competitors’ portfolio companies, as an opportunistic way to benefit from the coronavirus-driven disruption. But the European loan market’s restrictive transfer provisions make this a legal high-wire act.
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Loans bankers are puzzled by a probe by the UK's Financial Conduct Authority into whether banks attached improper conditions to loans to companies during the coronavirus crisis. They are concerned the FCA could edge into criticism of the system of bank-client relationships that underpin modern corporate finance, and some believe this is already having an influence on how companies think about mandates.
