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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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International Finance Corp has joined forces with Goldman Sachs to extend a $110m syndicated loan to Vietnam’s An Binh Commercial Joint Stock Bank, a portion of which will be used to provide loans to women-owned enterprises in the country.
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European credit funds posted multi-billion inflows this year, as a wave of new investors searched for yield. EQT’s oversubscribed new Credit Opportunities III fund showed on Monday that the market is still pulling in cash to put to work in 2018. -
All-time low funding costs have sparked record gross issuance of leveraged finance debt in Europe this year, including a stream of multi-billion sized deals. More are coming, market participants say, and leveraged loan demand will be key for them.
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Leveraged loan investors are still at the table in a week many expected to be quiet. Double-B rated borrowers like Nomad Foods, the UK frozen food producer, found strong demand after slashing margins and selling add-ons.
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China New Higher Education Group has become the latest of a string of companies from the education sector to access the offshore loan market for funds. While Chinese education firms have mostly been well received by banks, market observers cautioned against drawing broad-brush conclusions. Reputable schools with scale will still be a top pick for lenders, while their lesser-known peers may find frostier conditions. Shruti Chaturvedi reports.
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China New Higher Education Group is making its debut in the international syndicated loan market with a HK$1.5bn ($192m) financing.
