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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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Centre right members of the European Parliament have balked at approving a proposal to change the EU’s Taxonomy of Sustainable Economic Activities so it highlights unsustainable activities. Jon Hay reports. -
Second lien loan structures are substituting in for unsecured high yield issues, as a strong bid from direct lending funds pushes prices for the product tighter. Despite wariness from many banks about the product, Goldman Sachs has been seen actively competing with private debt funds to offer second lien finance, adding to the product’s advantages for sponsors.
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UK gambling software firm Playtech has raised its revolving credit facility to €272m, having agreed its first deal of that type since printing its debut bond in the last quarter of 2018.
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The investment grade European corporate bond market is wide open this week, with a swathe of jumbo new issues in euros. Boosted by a relative lack of supply in recent weeks, issuers are achieving good terms, particularly on longer dated issues, with Siemens issuing the first 20 year bond of the year so far. But the sterling market is quiet as investors wait for clarity on what form the UK’s exit from the European Union in March will take.
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Home Credit Vietnam has launched an up to $60m loan into general syndication after two year absence.
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Sivantos, a German hearing aid company owned by EQT Parters, is calling €275m of 8% 2023 notes at 102, and drawing on its acquisition debt, issued in July last year, after the European Commission cleared its merger with Denmark’s Widex. Like other companies hit by the deteriorating market conditions last year, it ended up substituting second lien debt for bonds.
