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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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Sri Lanka’s Nations Trust Bank (NTB) has raised a $50m five year loan arranged by Dutch development bank FMO. -
Asia Pacific Resources International Group, a pulp and paper producer also known as April, is self-arranging an up to $1bn offshore loan.
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American Tire Distributor (ATD) filed for Chapter 11 bankruptcy on Thursday after battling shifts in the tire industry that saw two major manufacturers cut ties with the firm earlier this year.
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Most European leveraged loan deals in October are achieving savings of 25bp and more over price talk, with demand on the rise. The loan offering to fund Advent’s buyout of Distributed Power confirmed this trend, as it tightened margins and issue discounts.
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October’s deal pipeline in the European leveraged debt markets is increasingly looking like a mismatch between supply and demand.
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Fortune Choice is tapping the offshore loan market for a HK$5.2bn ($664m) fundraising to support the development of a residential building in Hong Kong.
