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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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Gates Global, the US power transmission belt maker, rescheduled commitments for a euro term loan add-on to Thursday, after increasing it by nearly €200m from around €275m. The move came in a week when JP Morgan analysts and others voiced concern about risks in the leveraged finance market. -
Mimi Cheng, chief representative of First Gulf Bank in Hong Kong, has left the firm less than a year after taking over the position.
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In a busy week for European corporate bond issuance, two hybrid capital issues are taking centre stage.
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China Huiyuan Juice Group has sealed a slightly larger than planned syndicated loan of €160m with four banks. A few more lenders are still set to join, which will further bump up the fundraising, according to a source.
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Telenet, the Belgian cable and telecoms company owned by Liberty Global, launched a €750m and $1bn term loan refinancing on Tuesday, just four months after signing the original facilities.
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Shui On Development has hit the syndications market for a $150m three year borrowing guaranteed by parent Shui On Land. The firm is the latest name to tap the bond and loan markets in quick succession.
