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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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Fears over debt and governance problems at Chinese companies are prompting banks to rethink their willingness to lend. The pull-back is leading to a push for more transparency — and looks set to send margins on many deals higher, bankers said this week. -
Pasubio, the Italian maker of speciality car upholstery, is funding its buyout by CVC with a leveraged loan and revolver launched on Wednesday in an issuer-friendly market.
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The cloudburst of corporate bond issues investors had been expecting during the dry first two business days of July arrived on Wednesday, with a five tranche salvo by Annington Funding, in euros and sterling, plus deals from Kedrion and National Grid.
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The leveraged loan market is set to take in one more issuer from the high yield bond market as French jewellery retailer Thom Europe looks for new term loans to redeem all of its bonds.
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A loan of around $400m for Indian data analytics firm Mu Sigma is open for retail participation after a successful senior phase when seven lenders joined the deal.
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Mizuho has lost a banker in its syndicated loans department in Hong Kong, according to two sources.
