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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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US cash machine maker Diebold, which is acquiring German peer Wincor Nixdorf, has increased the size of its euro and dollar loans and tightened their spreads, amid an improving investor mood in the leveraged loan market. -
Hong Kong-based commodities trader Noble Group is back in the market for a $1bn loan to refinance outstanding debt. But the company is paying up dearly for the fundraising as it battles scepticism around its sector and the state of its financials. Shruti Chaturvedi reports.
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ONGC Videsh has sent out a request for proposals for a $1.268bn nine month loan facility, as the international arm of Oil and Natural Gas Corp seeks funds for the acquisition of a stake in oil fields in Russia.
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UniCredit has named the new co-heads of its international financial sponsor solutions team, which houses its leveraged finance business for sponsors, following the promotion of David Vials to head of corporate coverage UK.
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Miles Tadman, former distressed debt analyst at Deutsche Bank and Barclays, has joined investment banking firm SC Lowy in London.
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Park Square Capital's third subordinated debt fund is ready to invest in sponsor-led deals, as European banks continue to reduce lending to highly leveraged companies.
