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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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High yield bonds are back on top as the capital markets funding tool of choice for leveraged companies. This week, Techem tweaked its loan repricing to add a heavy bond slug and take advantage of near-record low coupons on offer. That sets 2020 up with a very different tone from the past two years, when an ever-growing CLO market meant bonds struggled to compete with loans, writes Owen Sanderson. -
Private equity firms are looking at different ways of monetising their investments, rather than the usual IPO routes, as regulation makes smaller firms less viable in the public markets. Alternative capital providers outside the usual buyout community are also boosting their allocations to private assets.
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HSBC is looking for a new head of corporate finance coverage to replace Matthew Wallace, who is quitting the firm. Meanwhile, Simon Derrick and Michael Ellam have been handed new jobs as the bank reorganises the way it covers investors and public sector institutions. In Asia Pacific, Rami Hayek is leaving his post.
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Vietnam Technological and Commercial Joint Stock Bank (Techcombank) is making its second attempt to raise a syndicated loan, after pulling a deal in 2017. It is one of several Vietnamese borrowers now planning a debut in the international market, reports Pan Yue.
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Leveraged credit is firing on all cylinders. The best issuers are breaking coupon and margin records and there are bold dividend deals and major league new money LBOs.
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BFI Finance Indonesia, which provides funding for automobiles, heavy equipment and properties, has returned to the loan market for a $75m borrowing.
