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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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Dollar loan volumes from India have risen 10% so far this year, with numbers driven mainly by fundraisings for large conglomerates and state-owned firms. This is despite a slump in overall activity in the rest of Asia. But the lukewarm response during syndication for some of the recently closed deals indicates a pushback on pricing from retail lenders, writes Shruti Chaturvedi.
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Hong Kong-listed conglomerate Dah Chong Hong is readying a loan to back its acquisition of Li & Fung’s Asia consumer and healthcare distribution business.
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JP Morgan’s head of syndicated and leveraged finance Australia has left the bank, with the head of European loan trading having resigned also, sources with knowledge of the matter have confirmed.
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A managing director of loans execution will leave Barclays in London at the end of May.
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This is a truncated week, with a UK holiday on Monday and France and Germany out on Thursday, but companies have crammed Europe’s investment grade bond market with deals in the two days in between.
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Indonesian company Trans Media has received a covenant waiver from lenders on a $500m loan raised in 2014.