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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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Allocations are out for the government of Sri Lanka’s $700m three year borrowing, which has more than doubled from the launch size of $300m. -
The government of Sri Lanka’s three year borrowing has turned out to be a hit, allowing it to hike the loan to $700m, beyond the $500m it was eyeing after a greenshoe.
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Baoxin Auto Group has hiked the size of its latest borrowing to $750m from $550m, after its acquisition by China Grand Auto made the deal more appealing, according to bankers.
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The investment grade bond market saw raging demand for the one small deal of the week, lining the market up for a strong September, while the high yield market has seen appetite for European credits weaken. Investment grade and leveraged loans alike have settled into the summer lull, though Cinven’s latest acquisition could raise hopes for more LBOs in the final quarter.
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Cinven has made the first acquisition from its latest €7bn European focused fund for US healthcare firm Bioclinica.
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Royal Industries Indonesia rattled the loans market last week when it failed to pay the first principal instalment on a $380m deal signed in June 2015. The incident has caused consternation among participating banks, with many being quick to blame the bookrunners on the trade. But this should be a wake-up call to lenders, who need to re-examine their internal approval procedures.
