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Investors eye 2028, 2031, 2032 as big years for loan maturities
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
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The euro high yield pipeline unveiled a battery of deals this week, six of them with ratings below double-B. The largest came from French frozen food retailer Picard Surgelés, which will refinance over €1bn of existing debt and pay a dividend to its private equity sponsors. -
Repricings and refinancings have dominated this year’s leveraged loan issuance. This week, Apcoa added one more such deal. But investors proved they can still discriminate, as House of HR had to sweeten the terms of its new refinancing loan.
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Nine banks have formed the syndicate for a HK$1.25bn loan for Hong Kong-listed China Tian Lun Gas Holdings.
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Charoen Pokphand Foods (CPF) has brightened up Thailand’s offshore syndications market, tapping international liquidity for a $625m loan. With few other deals from the southeast Asian country whetting lenders’ appetite, banks are keen to take a piece of the fundraising. Shruti Chaturvedi reports.
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Investor support for leveraged loan deals where the issuer is only seeking to cut margins remains so strong that some borrowers, such as French real estate group Foncia, may do it twice this year.
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Dongxing Securities (HK) Financial Holdings has found success with its maiden loan outing, managing to raise the size of the deal to $400m from $300m.
