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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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Two banks are supplying a $200m loan to back a consortium’s move to take New York-listed Chinese auto rental company eHi Car Services private. -
This week, Permira Credit Solutions III (PCS3) signed its seventh investment this year, a credit line for the acquisition of Maxicoffee by Daltys. The direct lending market seems on course to surpass last year’s record numbers, said market sources.
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Speculative grade borrowers stayed on the sidelines of the primary market this week. While bankers said the deal pipeline has a healthy list of issuers ready to go in April, investors warned that they might be pickier than in the first quarter.
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European leveraged finance investors are expecting lower deal volumes and wider spreads in the primary market after an exceptionally busy and expensive 2017.
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Solusi Tunas Pratama, an Indonesian telecommunications company, has launched a $577m-equivalent dual-currency loan denominated in dollars and rupiah into general syndication.
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Five London boroughs are allocating a total of £250m of their pension funds' investments to private debt, in a move that could spark interest from other local authorities.
