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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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UK-based private equity firm 3i has made its first investment in the US infrastructure sector, it said on Monday. It has acquired Minnesota’s Smarte Carte, an equipment vendor for the travel and leisure industry. -
CVC has made two unitranche loans in the Netherlands, to Voogd & Voogd and Berning, amid busy activity in leveraged debt markets of all kinds.
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China National Chemical Corp (ChemChina) has approached banks for a $5.5bn two tranche borrowing to help refinance a $12.7bn acquisition loan signed last September.
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Chlorvinyls firm Inovyn, a subsidiary of chemicals group Ineos, was on course to shave 150bp from its 2024 term loans in a repricing on Thursday. But market participants warned that the trade betrays signs of a lack of discipline in the market.
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Cornerstone investors are becoming increasingly common in overseas loan syndications, especially those involving Indian borrowers. While some may argue that this goes against the true purpose of syndication, which is to spread risk, loans bankers believe the change is for the better as it introduces borrowers to sturdy lenders for future funding needs. Shruti Chaturvedi reports.
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Bond markets remain sanguine about the declaration of independence by Catalonia's president Carles Puigdemont on Tuesday, but that could change sharply if Spain clamps down with force.
