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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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Valmet — Segro — Ecom — Aluminium Bahrain — Morpho
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Ineos-owned chlorvinyls firm Inovyn increased and tightened the size and guidance on its term loan ‘B’ repricing on Thursday afternoon, as the market hopes for some overdue buyout activity. -
Final commitments were due on Thursday for Euro Garages’ €1.16bn of loan facilities backing its merger with European Forecourt Retailer, while New York listed beauty firm Coty has commitments due Friday on its repricing and €325m add-on to its term loan ‘B’.
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Chinese property names are trickling back into the syndicated loan market, with Shui On Land becoming one of the first mid-size borrowers to access the market this year. The credit is appealing to banks on a standalone basis, but early signs show that appetite for the sector has also improved. Shruti Chaturvedi reports.
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Advent’s €2.43bn acquisition of French software solutions firm Morpho is supported by 13 banks, according to one banker, with up to €2bn of loans expected to be marketed by early November.
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Despite tricky conditions in the European corporate bond market, a varied array of issuers has come to market this week, with the flow increasing as the week has gone on.
