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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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Ineos Styrolution this week completed a loan refinancing with margins well below the 350bp market average for new deals — but the pricing will be replicated by the leveraged market’s top credits, said market participants. -
Indonesian palm oil seller Royal Industries is looking to restructure a $405m loan after failing to repay the first and second instalments. And going by precedents, market participants are bracing themselves for a long-winded recovery process as legal proceedings unfold, writes Shruti Chaturvedi.
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HSBC has appointed a new head of leveraged and acquisition finance for Asia Pacific, transferring James Horsburgh from London as part of a shake-up of the business.
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HSBC confirmed that it was sending James Horsburgh, a senior member of its EMEA leveraged finance team, to run the business in Asia, as previously reported in GlobalCapital.
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French funeral group OGF launched a €960m cov-lite term loan ‘B’ this week as minority owner Ontario Teachers’ Pension Plan plans to increase its stake to 74%.
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Tele Columbus led a band of issuers piling back into the leveraged loan market for repricing requests this week, ahead of an expected wave of new leveraged buyouts in Europe.
