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A slow destruction of misallocated investment is more likely than a sudden stop
LBO financing includes $5.75bn term loan to be priced early next week
Investors eye 2028, 2031, 2032 as big years for loan maturities
Even leveraged deals still being underwritten, though banks are selective
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Euro investors gave the buyout debt for EQT and Abu Dhabi Investment Authority’s purchase of Nestlé Skin Health a particularly strong reception. Driving pricing through 400bp despite the high leverage on the deal.
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Leaders of the big US investment banks were cautiously optimistic about upcoming investment banking activity, despite a poor second quarter across their capital markets divisions.
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Crédit Agricole’s corporate and investment bank (CA–CIB) aims to be realistic in how offers value to clients and its parent company. It’s looking to achieve growth without overreaching in unprofitable or less strategic areas, writes David Rothnie.
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The biggest pot of money most people will ever have is their pension, so it’s vital that this cash is worked as hard as it can be.
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TDR Group’s bid for UK pub chain Ei Group is targeting a company that is already highly levered, thanks in part to the company's legacy securitized debt – first structured in the 1990s as part of a wave of pubco whole business buyouts.
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A subsidiary of Indonesian textile company Duniatex missed an interest payment on a $260m syndicated loan last week, causing the bond price of its sister company to collapse and bankers to wonder about the wider health of the sector. Pan Yue reports.