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A slow destruction of misallocated investment is more likely than a sudden stop
LBO financing includes $5.75bn term loan to be priced early next week
Investors eye 2028, 2031, 2032 as big years for loan maturities
Even leveraged deals still being underwritten, though banks are selective
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Indian electricity utility firm Tata Power has mandated five banks to lead a $245m borrowing, ending a two year hiatus from the offshore loan market. -
Europe’s leveraged finance issuance is fast catching up with last year’s record volumes, as investors open deep pockets. But the reverse side of this exuberance are weaker terms and more vulnerable issuers, said market watchers.
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Luxury auto dealership China Zhengtong Auto Services is seeking an up to $150m three year loan, offering banks margin and fees that are identical to a borrowing sealed in January.
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General Electric’s distributed power unit began marketing a $1.8bn leveraged buyout loan. The deal has high net leverage and tight pricing guidance, two of the possible risks in the market underlined by the Bank for International Settlements (BIS) this week.
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The lengthy complaint about HSBC management drafted, purportedly, by investment bankers within the firm must be taken seriously and investigated, if its new CEO John Flint wants to win the confidence of the rest of the staff and shareholders.
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Leveraged finance investors in the US and Europe have scrambled for the bonds and loans backing leveraged buyouts of Thomson Reuters’ Financial & Risk business and Dutch chemical company AkzoNobel this week, with demand driving pricing tighter despite aggressive covenant packages. David Bell and Victor Jimenez report.
