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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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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. -
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.
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Danish investment firm Kirkbi is teaming up with Blackstone and Canadian pension fund CPPIB to acquire Merlin Entertainments at an enterprise value of £5.9bn.
