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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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Private equity sponsors have bankers and lawyers working on deals that will seek more flexibility and borrower-friendly covenants this year. But investors are also likely to offer tougher scrutiny this year. -
ASM Pacific Technology is tapping the offshore loan market for the first time, raising a HK$2.25bn ($287m) five year borrowing to refinance a convertible bond maturing in March.
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Large Japanese buyers of US triple-A CLO debt are set to move their bids for the bonds wider as managers line up the first US deals of 2019, said sources this week.
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Shandong Qingyuan Group has closed a $430m one year self-arranged club loan with five participants.
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Bank Rakyat Indonesia (BRI) has launched a $700m multi-tranche loan into general syndication, raising some debate among bankers about the tight pricing on offer.
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Indonesian textile company Sri Rejeki Isman (Sritex) has returned to the syndications market for a $350m loan that will go partly towards a bond buy-back.
