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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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Chinese auto rental company eHi Car Services has launched a $200m three year refinancing loan, led by sole mandated lead arranger and bookrunner Deutsche Bank.
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Health and Happiness International Holdings has launched its $350m dual-currency loan into limited syndication.
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Graham Tufts has left his position as vice chairman of leveraged and acquisition finance at HSBC and is understood to be joining Royal Bank of Canada in a senior role.
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HSBC has hired two bankers, one from Credit Suisse and one from UBS, to strengthen its business with private equity firms and in offering leveraged financing.
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A spike in the supply of US leveraged loans and CLOs has caused spreads to widen in both markets in recent weeks. While CLO managers are scrambling to satisfy demand for the product, critics say they should be doing more to protect the quality of the loans they are investing in.
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Indian business process outsourcing company Aegis has closed a $150m leveraged buyout loan after a seven-month syndication process that attracted only three participants.