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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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The Investment Association, the trade body for 250 UK asset managers, is making a concerted effort to become more involved in responsible investment, seeking to influence government policy and help its members navigate this complex area. -
CPI Ronghe Financial Leasing, a subsidiary of State Power Investment Corp, has made a quick return to the loan market for $300m, nine months after signing its last borrowing.
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Pakistan is making a quick comeback to the loan market, seeking $200m, amid a mounting debt crisis in the country. But economists and bankers said numerous funding avenues are available for the sovereign to manage its $12bn of outstanding debt.
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Taiwan’s leveraged loans market is finally set for some action, with private equity firm KKR seeking a $1.1bn-equivalent dual-currency deal to back its acquisition of LCY Chemical Corp. But uncertainties remain over whether the acquisition will get the government’s go-ahead.
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Japan telecoms company SoftBank took another step towards its flotation this week by replacing its intergroup credit with a double-B rated leveraged loan. This followed a high-yield bond sale in April with the same purpose.
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Energy group Arensis has secured funding for new facilities in the UK from Hadrian’s Wall Capital. Recent fundraising in the private debt market suggests there is high demand for new deals.
