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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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Michael Reuther, head of Commerzbank’s corporate clients division, expects more firms to enter the bank’s "intensive care department" as economic pressures weigh on European corporates. And in his unit the cost of risk more than tripled in the second quarter, helping to shrink operating profits. -
Barings has raised €1.5bn for its second European private loan fund, as the asset manager looks to grow a business that has seen the company lend €3bn over the last two years.
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Asia Pacific Resources International Holdings (April), a subsidiary of Royal Golden Eagle, has made a quick return to the loan market for a self-arranged borrowing of up to $1bn.
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Axel Springer's shareholders have given a green light to a public-to-private takeover offer from KKR, which values the German media company at €6.7bn.
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Commerzbank has appointed its first head of syndicated and leveraged finance, a unit created within its new capital markets division.
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New Frontier Corp, a Hong Kong-based special purpose acquisition company (Spac), is planning to raise $300m-equivalent to support its $1.44bn purchase of China’s United Family Healthcare.
