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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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SMBC has made two additions to its London desk for syndication origination in structured finance. -
Permira Debt Managers has launched its fifth ‘Sigma’ structured credit fund, looking to buy CLO equity. Senior tranches in CLO vehicles have sharply tightened against Euribor as European rates have plunged deeply negative, but Euribor floors worth up to 50bp are increasingly determining the economics of the CLO business.
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The £4bn take-private of UK aerospace and defence company Cobham by US private equity firm Advent, backed by a £2.5bn debt package, was threatened this week when business secretary Andrea Leadsom ordered an investigation into the deal just after 93% of the shareholders voted to accept the deal.
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Lai Sun Development, a Hong Kong-listed property developer and investor, has sealed a hugely popular HK$3.6bn ($460m) four year green loan to finance the Hong Kong Ocean Park Marriott Hotel.
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China’s Wolong Electric Group has closed its €150m debut offshore borrowing with 14 lenders.
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Chinese acoustic components maker GoerTek is making a comeback to the loan market after a two-year break, seeking $300m for refinancing.
