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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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China Aircraft Leasing is back with a $790m borrowing, pushing for a longer tenor to support its aircraft purchasing. -
Fortune Oil PRC Holdings has returned to the offshore loan market for a $400m borrowing, refinancing a smaller deal closed in 2016.
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Investors in the European leveraged finance markets speaking to GlobalCapital said that, while issuance is lagging behind 2017's figures for the period, there is appetite for an increase in supply.
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Corporate borrowers are being urged to prepare for the phase out of Libor, but loan documents are not yet up to the job of facilitating an orderly switch to a new rate, warned Fitch Ratings on Tuesday.
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BNP Paribas is combining its primary and secondary activities in US credit markets under a new Global Credit Markets Americas division, with a new head of leveraged finance joining from Deutsche Bank to bolster the firm’s offering.
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Houlihan Lokey has formed a new US leveraged loan syndication platform, HL Finance, with HPS Investment Partners working alongside the firm to underwrite and syndicate deals of up to $1bn.
