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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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A steady flow of deals is running through the investment grade corporate bond pipeline and out into the market. This is expected to become a deluge before long, as investors’ inboxes are filling up with roadshow invitations.
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KKR announced has closed its European Fund V, a €5.8bn vehicle looking for deals in western Europe. The company’s EMEA private equity funds are investing a combined $11.6bn at the moment, meaning the new fund offers a huge increase in firepower.
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The $166.3m loan to support Blackstone Group’s Essel Propack acquisition has been oversubscribed, with 10 participants joining during general syndication.
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Adira Dinamika Multi Finance, an Indonesian motor vehicle financier, is making a quick return to loans, seeking its second offshore borrowing this year.
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Air India has sent out a request for proposals for a loan to refinance an $819m existing bridge facility taken to buy Boeing aircraft.
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Credit Suisse’s third quarter results, released on Wednesday, continued a trend for the bank this year: suffering in the primary markets but doing well in trading.