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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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The search for yield is shovelling more fuel on to the fire of an already blazing corporate bond market. Investors are keeping a close watch on Enel’s euro sustainability-linked bond issue, which is being marketed via investor calls on Wednesday, as a gauge of the market's health.
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Philippine conglomerate San Miguel Corp is inviting banks to join a $1.75bn term loan that will be used to take out a bridge facility that supported its acquisition of Holcim Philippines. -
Health and Happiness International Holdings, a China-based supplier of paediatric nutritional and baby care products, has returned to the loan market for a multi-tranche transaction.
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The bond leg of the loan-dominated buyout packages for Kantar and Merlin hit the market on Monday, giving investors a chance to buy subordinated debt in size. But both Bain Capital, and Blackstone, the sponsors, have included controversial provisions to limit the rights of noteholders who are ‘net short’.
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Chailease International Finance Corp has closed its third offshore loan of the year, finding demand from 17 lenders for a $300m facility.
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Commerzbank has come through a period of intense scrutiny with a no-nonsense strategy that reflects its culture. A dash of investment banking ambition is thrown in, writes David Rothnie.
