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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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Europe’s investment grade corporate bond market has almost caught up with last year’s volume, after a dire start to the year, but issuance in the next nine days is likely to be very quiet, leading up to the Brexit referendum on Thursday June 23.
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Recent allegations against Nomura about a syndicated loan that went bad has re-opened the debate on investment banks’ practice of minimal or zero holds versus commercial banks’ take-and-hold strategy. And the legal action initiated by Taiwanese banks shows there is a need for more transparency — even in secondary sell-downs. -
Springer Nature, the German academic book publisher, plans to prepay €420m of high yield bonds, refinancing them with a new secured loan.
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Unit4, the Dutch online application provider, is marketing a €230m term loan with replies due this week, but European investors have voiced difficulties in understanding the IT sector.
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Tikehau has provided unitranche funding for Apax’s acquisition of Marlink, Airbus’s commercial satellite communications business, with the first step amounting to $270m, the fund confirmed.
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Baoxin Auto Group has rolled out a $550m dual tranche financing that is backed by a keepwell from future parent China Grand Automotive Services Co.
