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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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Sears filed for Chapter 11 bankruptcy on Monday as a $134m interest payment came due and efforts to restructure the firm’s debt out of court failed. -
Taiwan’s Mei Ta Industries has returned to the offshore market after three years for a €220m ($254m) dual tranche borrowing.
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The advance of global warming, highlighted by the Intergovernmental Panel on Climate Change’s report this week, not only demands that the private sector accelerate efforts to cut carbon emissions. Companies must also adapt to the changing climate – and this will involve interacting in new ways, experts say.
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Asia International School (AISL) is tapping the offshore market for a debut loan of up to $180m.
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Vietnam’s Vinfast Trading and Production has raised a $950m guaranteed term loan to help it buy machinery and equipment from nine German suppliers.
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S&P Global said that consumer products, media and oil and gas were the most represented sectors on its list of ‘weakest links’ in sub-investment grade corporate debt, which remains relatively small in a low default environment.
