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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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Swissport is looking to reprice its existing €850m term loan and add on another €50m, in a test of market appetite to tighten terms for companies with owners outside the top tier group of sponsors. The refi comes as reports suggest HNA Holdings, the Chinese conglomerate, is once again looking to sell the company after talks last year collapsed. -
Trans Retail Indonesia, also known as Carrefour Indonesia, has launched a dual-currency deal into general syndication, opting for a slightly different approach to paying participation fees to lenders.
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Peter Glaser will become sole head of European direct lending at Alcentra, as his former co-head Graeme Delaney-Smith is leaving the firm for retirement. Alcentra has also hired two senior people for its origination team.
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Andrew Scotland has become co-head of Bayside Capital’s special situations debt activities in Europe.
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Santander has bought credit protection on two portfolios of undrawn revolving credit facilities, taking advantage of a regulatory decision last year to sharply boost the efficiency of the protection. The deal points the way for banks to cut the costs of providing revolvers, which are usually extended as a ‘loss leader’ for a broader banking relationship.
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Natixis, one of the investment banks that has gone furthest to prioritise greener financing, had to ramp up its provisions for credit loss from US natural gas producers in the fourth quarter, pointing to “structural transformation” in the sector. But it told GlobalCapital that it still saw opportunity in the industry.
