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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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Jacob Holdings’ acquisition financing for emerging markets schools group Cognita has been wrapped up, with the planned unsecured high yield issue marketed in November stripped out and replaced with a €225m second lien loan.
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Adira Dinamika Multi Finance has launched a $250m three year term loan into general syndication. The deal was led by five lenders. -
Credit Suisse’s fourth quarter results showed damage from the high yield and leveraged finance market’s tantrum in the last quarter of 2018. The bank was also hit by a Canada Goose block trade gone wrong.
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PetroVietnam Gas Joint Stock Corp has picked Mizuho as sole mandated lead arranger and bookrunner for a $200m borrowing. It is the latest sign of a boom in southeast Asia’s offshore loan market that is leaving bankers divided on pricing, tenors and covenant packages.
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Vingroup Joint Stock Company has made a quick return to the offshore loan market, attempting its third borrowing in 12 months.
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Banks met on Tuesday for the first sizeable new money European leveraged loan of 2019: a €1.7bn acquisition loan funding the purchase of Finnish sports equipment company Amer Sports. CVC’s take-private of Swedish installation products maker Ahlsell then hit the market on Wednesday.
