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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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Banks are queueing to set up shop in an international financial services hub in India — the first of its kind in the country. Institutions operating there enjoy certain regulatory exemptions, which are expected to give a leg-up to domestic lenders looking to build a foreign currency loan book. Shruti Chaturvedi reports. -
Ufinet, the telecommunications firm with headquarters in Madrid, and Ammeraal Beltech, the Dutch conveyor belt manufacturer, both marketed dividend recapitalisations on Thursday. One senior market observer said that the regularity of such deals was reflecting poorly on the private equity community.
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Tessi, the French payment processing firm, has allocated its €276m deal after marketing began in June.
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The European Central Bank has announced that it plans to start consultations on introducing official guidelines for the leveraged loan market, similar to those implemented in the US in 2013.
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Investment grade loans continued to bask in the glow of Bayer's $57bn deal while the levloan market is beset by repricings. But IG and high yield bond markets were quiet this week as participants waited for the outcome of Wednesday's US Federal Reserve meeting.
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Trans Corpora has received commitments from two banks for a $150m three year senior secured term loan that launched into syndication in June.
