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Investors eye 2028, 2031, 2032 as big years for loan maturities
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
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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. -
Strong demand from bank lenders has allowed Health and Happiness International Holdings to bump up the size of its dual-currency loan to $450m-equivalent.
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Fortune Oil PRC Holdings has boosted its borrowing to $430m after attracting 10 participants during syndication.
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Those at Lehman Brothers on Monday, September 15, 2008 will remember the moment the lines between the London and New York offices went dead.
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The Blackstone-led consortium of investors buying out Thomson Reuters’ Financial & Risk business is understood to be looking to decrease the amount of financing it needs from the euro market for the deal’s $13.5bn debt funding package, with demand appearing better for dollar bonds, according to investors.
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Borrowers are unloading a still increasing number of new deals in the leveraged debt primary markets in September, hoping to find sufficient demand. But investor appetite, while supportive, is showing a selective taste this week.
