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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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Bayport, the Mauritius-based microfinance company, issued the first African ESG bond outside the supranational sector, printing a $260m three year at 11.5% on Wednesday, and obtaining a social bond second opinion from Sustainalytics, at the suggestion of arranger DNB Markets.
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Sub-investment grade markets are starting to follow high grade in using ESG structures, with a high yield issue from microfinance firm Bayport and a leveraged loan from Spanish telco MasMovil set to show whether the changes will help issuers cut financing costs.
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Chainwin Animal Technology, a subsidiary of Taiwan’s Win Semiconductors, is looking to raise up to $200m in the offshore loan market.
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India’s Mahindra & Mahindra Financial Services has launched its first offshore loan through three banks.
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Tata Motors Finance, a subsidiary of India’s Tata Motors, is tapping the offshore market for the first time as it looks to close on a $60m facility.
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JP Morgan picks levfin top brass — Ex-Barclays boss turns up at Wells Fargo — Fixed income portfolio manager leaves Mirova.