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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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Dividend recapitalisation deals, like Ten Cate’s new €125m term loan, launched on Tuesday, are on the rise. The technique, considered aggressive by leveraged loan investors, is nevertheless becoming more common and accepted in the present issuer's market. -
Deals topping €1bn are becoming more common in the European leveraged loan market, pushing gross issuance to annual record levels. CeramTec announced the latest, with a €1.1bn leveraged buyout.
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Sino Horizon Holdings, a Chinese property developer, has opened a $600m refinancing into general syndication with retail banks.
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Centratama Telekomunikasi Indonesia, an IT and internet services provider, is in the market with a triple-tranche $390m loan tied to its M&A plans.
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Home Credit Vietnam has put together a $80m borrowing with four banks. The deal marks the firm’s second loan in the international market.
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Leveraged loan issuers used to call on direct lending players to pre-place small portions of their offerings, mostly second liens. But as direct lenders grow bigger funds, their appetite for loans is starting to impact entire deals.
