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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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After weeks of caution and defensive trades, with tentative order books to match, the euro corporate bond market has swung back to notch a jumbo trade among its deal count. Meanwhile the loan market continues to search for a sane medium between leveraged loans' buying hysteria and investment grade’s catatonic summer.
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Shangri-La Asia Treasury is seeking retail participants for a $130m borrowing that will refinance existing debt.
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French private equity firm Ardian has appointed a new co-head of its private debt division, as it prepares for big things from the sector.
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Euro Garages has widened the discount on its £250m term loan ‘C’ to 97.5, with prospects for sterling issuance less clear following a pulled deal last week.
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B2 rated Infinitas priced on Tuesday its €380m term loan ‘B’ refinancing at the lower end of the guidance having first signed the deal just eight months ago.
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One month from the US regulator fining the New York unit of Mega International Commercial Bank, Taiwanese lenders are feeling the pressure and facing an unprecedented level of scrutiny on their existing loan books. But the extra paperwork should be viewed as a minor inconvenience with long-term benefits.