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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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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.
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Veteran DBS banker Boey Yin Chong is moving to a new position at the Singaporean lender after a 15-year spell helming the syndicated finance team.
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Sri Lankan commercial lender Sampath Bank is following in the footsteps of the sovereign by tapping the loan market for funds, launching a $50m borrowing with an unspecified greenshoe.
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A clutch of loan deals have commitments due over the next week, as the market looks to allocate debt before the anticipated August slowdown.