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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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Macau’s casino operator MGM China and subsidiary MGM Grand Paradise have amended and extended credit facilities signed in 2012 for the second time. -
UK car parts maker TI Group Automotive Systems, owned by Bain Capital, wants out of the high yield bond market and is planning to redeem its only issue by increasing its term loans.
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S&P Global Ratings knocked a notch off pet food retailer PetSmart’s corporate credit rating on Thursday, citing the firm’s ‘unsustainable’ capital structure and the increased risk of a distressed debt exchange after a portion of its subsidiary Chewy was transferred to private equity sponsors.
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Metro-Goldwyn-Mayer (MGM), which controls the distribution of movies and TV content such as the James Bond franchise and The Handmaid’s Tale, is in the market with a new $2.5bn refinancing package this week, as traditional US media companies ramp up their borrowing to fund new content to compete with new competitors such as Netflix.
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Just one issuer had tapped US high yield investors by Thursday this week, following the quietest May since 2010 and with leveraged loans now outweighing high yield bonds for the first time since 2008.
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Does it matter if a green bond becomes separated from the green assets that underlie it? The link keeps the issuer honest — but shouldn’t the green bond market be doing more than that?
