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A slow destruction of misallocated investment is more likely than a sudden stop
LBO financing includes $5.75bn term loan to be priced early next week
Investors eye 2028, 2031, 2032 as big years for loan maturities
Even leveraged deals still being underwritten, though banks are selective
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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. -
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.
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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.
