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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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HNA Group’s Hong Kong subsidiary, CWT International, appeared to default on a secured Hong Kong dollar loan on Wednesday. Although the company has had debt problems in the past year, many bankers were still surprised by the default and said more thorough background checks will be carried out on Chinese borrowers in future. Pan Yue reports. -
Two subsidiaries of Taiwan’s Formosa Plastics Corp are in the syndicated loan market raising a China onshore facility and an offshore deal respectively.
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UBS has reorganised its debt capital markets business, following the decision of global head Amir Hoveyda to step down from his role. It will merge leveraged finance and DCM, with David Slade heading the combined group in EMEA.
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Sustainable finance is bubbling with exciting new initiatives. But making people feel good is not enough. Activity needs to produce results, and so far there is more noise than movement. The tone is far too sedate — it needs some hard core activism to break the torpor.
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More banks have joined the acquisition loan for the Triton consortium’s buy-out of UK-based satellite tech provider Inmarsat, ahead of Tuesday’s deadline to make a firm offer for the company.
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CWT International, a Hong Kong-listed subsidiary of cash-strapped HNA Group, has defaulted on a HK$1.4bn ($179m) loan.
