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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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BOC Aviation has ended an eight month break from the loan market, sending out a request for proposals for a $1.5bn revolver.
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Royal Industries Indonesia is understood to have failed to repay the first principal installment on a $380m loan raised in 2015.
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A $405m loan for Blackstone’s acquisition of Indian fintech firm Mphasis has entered general syndication, a couple of months after the borrower expanded the lending group in the senior phase.
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Sponsor driven merger and acquisition activity has suffered in 2016, with volumes sliding 25% this year to date. There could be a boost to come though, with the final four months of the year historically proving fruitful.
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European high yield bonds and leveraged loans have maintained interest this week for investors, despite a lack of deals, as other parts of the corporate market have finally been lulled to summer slumber.
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Indonesian lender Bank Tabungan Pensiunan Nasional, which is backed by Sumitomo Mitsui Banking Corp, is seeking $155m from the syndicated loan market.