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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 showing a greater willingness to bring smaller loans to the Asian syndication market, with first time and relatively unknown issuers tapping lenders. As fundraisings for bigger and more regular borrowers dry up, banks are having to put more effort into finding new business, writes Shruti Chaturvedi. -
Goldman Sachs has appointed new sets of co-heads for both leveraged finance capital markets EMEA and for 'growth markets' capital markets.
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Terna, the Italian electricity grid company, has signed a €500m five year revolving credit facility, a year after repaying a previous club deal.
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Pirelli, the Italian tyre manufacturer, has completed a €4.8bn loan refinancing.
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Mediq, the Dutch pharmaceuticals firm owned by Advent, has launched a €200m dividend recapitalisation, holding an investor call on Wednesday. This follows German industrial services firm Bilfinger offering a €700m term loan at a bank meeting on Tuesday.
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European investment grade corporate bond investors are poised napkins tucked in, cutlery at the ready, as the reception this week for Vodafone’s €1bn 15 year trade and Heathrow’s £400m 33 year notes showed forcefully. It is unlikely there will be many more courses to follow.
