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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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Defaults among borrowers with speculative grade ratings are set to dive at the start of next year, but only for a while, Moody’s said in an outlook report for non-financial corporates this week. -
Investors in European leveraged debt seem to be giving up for the year. Funds and financial vehicles that buy high yield bonds and leveraged loans have seen large volumes of cash outflows, leaving borrowers with no other option but to step back this week.
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Senior credit analysts at Moody’s are warning that the private equity-led proliferation of weak creditor protections in the leveraged loan market may mean a more protracted and challenging default cycle in coming years.
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Element Materials Technology, the UK materials testing company owned by Bridgepoint, was looking for a small loan extension this week, and seeking consent from its investors for higher leverage ratios under the loan covenants.
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Bank of the Lao PDR (BOL) is planning to return to the loan market for a $100m facility with an unlimited greenshoe option.
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China’s Kunming Dianchi Water Treatment has launched its debut offshore loan of $150m.
