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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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Investment banks are said to be freezing hiring plans in capital markets, as the impact of the coronavirus epidemic slashes new issuance volumes and expectations for the year ahead. Some institutions are also said to be using the virus as an excuse to push through planned cuts to banking businesses. -
Months of bidding for UK retail giant Tesco’s Asia business has finally ended, with Charoen Pokphand Group emerging victorious. Three banks have provided financing to the Thai conglomerate to support the purchase.
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India’s Tata Steel and Birla Carbon have decided not to syndicate their chunky loans, amid reluctance from the bookrunners to sell down their positions in a slowing market for deals.
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The European Union’s Taxonomy of Sustainable Economic Activities, the latest draft of which was released on Monday, has been hailed by promoters as the opening of a new chapter in responsible investing. But the document is complex and much will depend on how market participants use it.
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Alcentra has provided $530m of senior debt to fund the acquisition of medical device maker Lumenis by Baring Private Equity Asia, in the largest direct lending deal the European private debt specialist has done in its history.
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Lead managers added 1% Libor floors to recent dollar loans from Polynt-Reichold and Genesis Care, part of a package of measures to push them over the line as market conditions deteriorated in the last two weeks. But rates have plunged so quickly that these floors are already in the money.
