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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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Insurance companies taking leveraged loan exposure through open ended funds, rather than CLOs, should cause alarm. Given the liquidity risk inherent in the structures, regulators ought to be watchful. -
French telecoms firm SFR launched a $2.4bn-equivalent refinancing with a lender call on Tuesday afternoon, aiming to lower margins by as much as 100bp despite a poor performance this year, while Eircom closed its repricing on Wednesday evening.
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SMBC has hired Barclays’ head of private loan sales, who had worked at the bank for 10 years before his departure.
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Finnish packaging firm Powerflute held bank meetings in London on Thursday afternoon for its €315m loan package backing its acquisition by Madison Dearborn Partners, as the LBO pipeline in Europe builds.
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An increase in fundraising from financial institutions this year has helped an otherwise sluggish Asia ex-Japan syndicated loan market, as borrowers have found opportunistic windows to cut costs and extend maturities. But as corporate credit growth has slowed, bankers are sceptical about business prospects from the FIG sector, writes Shruti Chaturvedi.
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Cabot Credit Management, the debt purchasing and recovery business, has amended its senior secured revolving credit facility and lowered the margin but kept the same group of lenders.
