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LBO financing includes $5.75bn term loan to be priced early next week
Investors eye 2028, 2031, 2032 as big years for loan maturities
Even leveraged deals still being underwritten, though banks are selective
Liquidity event at American manager comes at fraught time for industry
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China put the brakes on capital outflows again this week, taking aim at both large and small scale transactions amid a falling renminbi. Market participants are digesting the impact of the new curbs, as yet unconfirmed, but some thought that they could weed out dodgy deals and raise the quality of M&A financing. John Loh and Shruti Chaturvedi report. -
Bank of Tokyo-Mitsubishi UFJ (BTMU) has named Vivian Sam as assistant general manager of event finance at its Asian investment banking division (AIBD), in a new role for the former Citi acquisition finance banker.
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French media technology firm Technicolor increased its euro term loan offering by €200m to €450m on Wednesday, as Verisure tightened and accelerated the pricing and commitments on its own deal.
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Bankers and investors are still complaining about the lack of single-B rated issuers in the European high yield market this year, but 2017 will bring little relief, Fitch said on Wednesday.
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Investment grade corporate bond issuance kept up a steady pace this week, as borrowers took advantage of one of 2016’s last clear weeks for issuance. But far from being putt off by new issue premiums growing plump as turkeys in a market worried about interest rate risk, issuers know conditions could well be worse in the new year.
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The ECB’s announcement it was planning leveraged lending rules for the banks it supervises has been polarising, confusing, and often emotional. But the market will come to appreciate it in time.
