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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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SC Lowy Asset Management has hired William Bishop as senior sourcer for distressed debt in London.
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Joint Stock Commercial Bank for Investment and Development of Vietnam has postponed the deadline for its latest dollar loan until next week. But the move is not a sign of poor demand — the deal looks likely to be doubled to $300m.
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Management at Goldman Sachs and Morgan Stanley used second quarter earnings calls to reassure investors about their exposure to leveraged loans, under questioning from RBC Capital Markets’ Gerard Cassidy, as fears grow about leverage levels and weak covenants. -
CIFC Asset Management, one of the largest CLO managers in the world, has recently turned its attention to Europe, with the hire of Joshua Hughes to start marketing and fundraising for European loan investments. It is planning to build out the business in the coming months with more London-based hires, including a senior investment professional to lead that side of the business — but it’s not diving headfirst into the increasingly crowded European CLO market.
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The Bank of England this week laid out its plan to build reliable term rates from the sterling overnight interbank average rate (Sonia) that it has chosen to replace Libor, recommending that overnight index swaps on the rate be traded on venue.
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A move is under way to broaden the idea of Science-Based Targets — one of the most ambitious wings of the business world’s fight against climate change — to take in other ‘planetary boundaries’ such as fresh water and land.
