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Investors eye 2028, 2031, 2032 as big years for loan maturities
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
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The largest second lien tranche since the financial crisis, a Sfr1.3bn-equivalent deal, was placed to just five accounts, GlobalCapital understands, supporting EQT, Luxina and PSP’s $10bn buyout of Nestlé Skin Health. The big second lien tickets illustrate the depth of demand for the product, which has been buoyed by the cash raised for direct lending opportunities — and supports the deal through senior syndication. -
Société Générale’s revamp of its investment bank, first announced in April, will refocus the bank’s financing efforts around sponsor-driven business, as corporate clients are not steering enough fees towards the bank to pay for its balance sheet commitments.
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Pension insurance company Ilmarinen, one of the largest investors in Finland with €47.4bn under management, is welcoming the nascent trend of sustainable loans, as it scans the market for instruments that create benefits for its whole portfolio.
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Finnish stainless steel producer Outokumpu has signed a €400m sustainability-linked term loan, used mostly for refinancing its short term debt, and featuring margin cuts if the company hits targets linked to workplace accidents and carbon emissions. It's a step forward in a leveraged finance market that has so far taken only tentative steps towards sustainability.
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European leveraged finance revenue for the first half of the year is down more than 50%, according to figures from Dealogic released on Monday — and is increasingly going to a small handful of banks, in particular JP Morgan.
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Żabka Polska, an operator of Polish convenience stores, has launched a syndicated loan to fund a dividend recapitalisation, according to bankers. The transaction is following closely in the footsteps of fellow Polish corporate, Allegro, that closed a Z2bn (€470m) dividend recap in May.
