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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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Crossover credit Nokia is the latest borrower to switch its bank debt to a sustainability-linked margin, with the Finnish phone company also lengthening the tenor of its revolving credit lines. -
Four major announcements have been made today by the European Commission and its Technical Expert Group, which is drafting the substance of several parts of its multi-faceted Sustainable Finance Action Plan. There were new texts on the Taxonomy, Green Bond Standard and Low Carbon Benchmarks regulations as well as guidelines for companies on how to report climate change-related information. Many market participants welcomed them.
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Vue International’s revamped refinancing has tightened doc terms and pricing at the same time, ahead of commitments later on Tuesday, making it harder for part-owner Omers to take money out through its sub-debt —while also narrowing the OID and testing tighter pricing. The issuer may also include a sterling carve-out.
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The European Leveraged Finance Alliance has prepared a questionnaire on deal covenants, to help investors grill arrangers and issuers at roadshow meetings, circulating the standard question list to the market’s big investment banks, as well as to its investor members.
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Singapore’s Marina Bay Sands is seeking a total of S$4bn ($2.9bn) from the loan market, while also planning to extend its 2012 borrowing.
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FRANKFURT PRIVATE DEBT ROUNDTABLE The Schuldschein market has kept up its momentum across Europe and elsewhere, but two regions have been curiously quiet. Iberia and Italy have implied investment grade borrowers well suited to the market, yet only a few have been tempted to use it. Are there barriers to entry and how can they be overcome?
