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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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Indian banks are muscling into offshore loan syndications they previously rejected out of hand, driven by a desperate need to lend amid a slowdown in domestic borrowing. Shruti Chaturvedi reports. -
The European leveraged finance markets are licking their lips in anticipation of a new €2.5bn deal backing Bain and Cinven’s takeover of Stada Arzneimittel, the German generic drug manufacturer.
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Corporate issuers of triple-C rated bonds have finally found a reason to enter the primary market, as investor expectation over the chances of the European Central Bank raising rates has opened a window for them in July.
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Swissport Group announced on Tuesday a technical capital restructuring following its breach on certain debt covenants. The restructuring includes a new €460m term loan ‘B’ and the repayment of its existing €660m term loan ‘B’.
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An executive director in the loan syndicate and distribution team at Standard Chartered has left the bank, according to two sources.
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Private equity firm CVC has taken to the leveraged loan market to fund the acquisition of IT systems company QA Group, encouraged by the lower borrowing costs on loans than high yield bonds.
