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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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After a stream of successful repricings in the leveraged loan market this week, French call centre operator Webhelp is set to refinance its term loans for the second time this year and could shave a further 25bp off its financing costs, according to sources.
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The return of Taiwanese bank liquidity to the Hong Kong and China dollar loan market is proving a boon for borrowers seeking funds for riskier deal structures. Aviation leasing companies looking for aircraft pre-delivery funding have been emboldened in particular. CMIG Aviation is the latest of that bunch to dip its toes into the offshore market, writes Shruti Chaturvedi.
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Industrial & Financial Systems (IFS) closed the loan funding for its acquisition of WorkWave without further syndication on Wednesday, evidence the market is still keen on small size offerings amid a raft of large deals.
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Ineos, the Anglo-Swiss chemicals manufacturer, cut costs on its term loans for the second time this year on Tuesday, after S&P joined Moody's in upgrading the rating of the new facility on Monday.
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Four banks have launched a $150m two tranche senior secured loan for Indonesian textile company Delta Dunia Tekstil (DDT). The company will use a portion of the funds for a new project in Java, Indonesia.
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The investigative arm of the US Congress has told US regulators that the leveraged lending guidelines should be open to review. But this is nothing new — borrowers have been acting as if they are open to interpretation for some time.