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A slow destruction of misallocated investment is more likely than a sudden stop
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
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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. -
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.
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Flakt Woods, the Swedish air conditioner supplier, allocated its €300m buyout term loan on Wednesday, at notably wider pricing than most other deals in the market of late.
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Corporate bond issuance is continuing at a fast rate in Europe, with three deals on Monday this week and six on Tuesday. But investors have become less willing to accept the tight spreads, yields and new issue premiums that quantitative easing has underpinned for much of this year.
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A number of banks are processing approvals for a club loan being arranged by Hong Kong-based personal loan provider PrimeCredit.
