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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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Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has closed its maiden borrowing at a bigger size of $500m, after receiving strong response during syndication. -
Shandong Qingyuan Group Co, a Chinese manufacturer and distributor of petrochemical products, is in talks with lenders to delay payment on a $1bn loan sealed last September as volatile oil prices take a toll on the company’s business.
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Chinese retailer Wumei Technology Group has raised a loan of over €1bn to support its acquisition of German company Metro’s Mainland business.
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French aerospace and defence company Safran has set up a new €3bn loan facility.
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Europe’s banks sniff opportunities amid the crisis as they look to build out their corporate broking businesses, but they will face fights to remove incumbents, writes David Rothnie.
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UK pub companies with secured debt structures are asking bondholders to waive covenants and suspend potential enforcement action, as the government-mandated shutdown continues. Bondholders in Punch Taverns Finance B are being asked to feed last year's figures into covenant calculations while the lockdown is in force, in a potential model for the other pub companies struggling with stalled cashflow.
