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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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DS Smith, the UK packaging company, has offered to buy Spanish rival Europac, with £1.65bn of financing underwritten by US banks already prepared for the transaction. -
Fitch Group has reached an agreement to acquire Fulcrum Financial Data, which includes financial analysis brands such as Covenant Review, LevFin Insights and Capital Structure.
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China Development Bank has dashed the hopes of bidders for a $1bn loan to the Sri Lankan sovereign, clinching the mandate on a sole basis by offering an eight year facility, writes Pan Yue.
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Chinese alternative investment firm Citic Capital Holdings has approached the loan market for a new HK$2.5bn ($318m) borrowing.
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Investment house Hermes launched a new liquid credit fund this week, catering to clients seeking shelter from market volatility while foraging among new markets about which they know less.
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Europe’s corporate bond market is dry. New issuance this week is out of the question, and liquidity is patchy. Spreads are being marked wider as concerns rise about Europe’s political and economic health. But investors have not lost their nerve.
