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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
Deal could include $950m of bonds
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Private debt funds in Europe may be the hot new thing to some in capital markets but they could be about to come of age, having never been through a serious credit downturn before. The market is under scrutiny over how it will cope with the credit ramifications of Covid-19. -
Static securitizations of a pre-crisis vintage were among the poorest performers of the post-crisis era, as mortgage standards slipped into the boom year of 2007. But CLOs printed in the 2006 and 2007 are among the best deals ever done in the market, giving managers locked up leverage and the flexibility to exploit a huge market dislocation. Could the 2020 crisis see the same?
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Malaysia’s Press Metal Aluminium has raised a $300m dual-tranche financing to support its acquisition of Bintan Alumina Indonesia (BAI).
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Singapore hard disk drive company MMI International is looking to amend and extend an old loan ahead of a looming maturity, as it faces pressure on its financials.
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Property developer New World China Land has closed a HK$6.85bn ($880m) loan, attracting nine participants during syndication.
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ESR Cayman, a Hong Kong-listed logistics real estate company, is tapping the offshore loan market for a debut $250m borrowing through Standard Chartered.
