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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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Leveraged finance bankers say they have a substantial deal pipeline in sterling to execute this autumn, while the UK's fall into political chaos threatens market volatility. Sub-investment grade buyers are likely to be offered buyout debt for Ei Group, Merlin and BCA Marketplace, among a flood of business totalling at least £15bn ($18.5bn), writes Owen Sanderson.
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Moelis hires JPM Dutch chief, JPM finds replacement — Nachmann replaces retiring Chavez at Goldman — PRI founding exec moves from UBS to Credit Suisse
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Peter Kerckhoffs will join Moelis & Company in December to advise clients in the Netherlands and across Europe. JP Morgan has replaced him as senior country officer for that country with Cassander Verwey.
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Shenzhen Jiangtong Leasing Financial, a subsidiary of Jiangxi Copper Corp, is tapping the loan market for the first time for a $100m borrowing.
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China’s Xtep International Holdings and Suning Financial Services have closed their respective offshore borrowings.
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Tata AutoComp Systems, an Indian company that provides automotive components, has returned to the loan market for a dual-currency deal to refinance its acquisition borrowing from 2017.