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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 firms and corporates are unloading speculative grade debt deals with loose terms, but investors still pocket them this week, suggesting that their recent resolve for discipline may be short-lived. -
China National Building Material (CNBM) is considering changing the guarantor of its $160m debut offshore borrowing in a bid to cut pricing.
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Loomis Sayles’ senior loan portfolio manager Kevin Perry will retire in March 2019 after 17 years with the company and 37 years in the industry, the firm said on Tuesday.
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China’s O-film Tech is tapping offshore lenders for the first time for a $100m term loan, hitting the market amid escalating tensions between the US and China.
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HSBC Securities Services has appointed two global co-heads — one of them a well-known figure in the debt capital markets.
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Banks leading the financing package for Blackstone’s leveraged buyout of Thomson Reuters’ Financial & Risk business — soon to be renamed Refinitiv —have shifted some of the funding away from the bonds and into the loans, increasing leverage in the deal and mirroring the issuance trends seen in leveraged finance this year.
