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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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Interserve, the struggling support services and construction firm, has signed an £834m-equivalent three year refinancing facility, just months after it narrowly avoided breaching a covenant on its old debt. -
Fundraising for private debt in Europe has slowed, but a new pan-European private debt fund from US house Muzinich targeting mid-market businesses, had raised €460m at its third close this week. The final close is expected later this year.
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ZTE Corp’s travails have taken a toll on the Chinese telecommunications firm and its bank lenders, with the company seeking a waiver after a covenant breach on a $450m loan. Despite the Chinese government throwing its weight behind ZTE, smaller lenders in the syndicate are worried about the ramifications, writes Pan Yue.
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Speakers at a loan industry conference in New York on Wednesday highlighted the continued erosion in the quality of investor protections in leveraged loans, a trend that many expect will make recovery rates worse when the credit cycle turns.
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A new grouping is set to join the legion of initiatives promoting a more sustainable financial system: the Principles for Responsible Banking.
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Law firm Ropes & Gray has hired former Goldman Sachs managing director Carol Van der Vorst as a partner in its leveraged finance team in Europe.
