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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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UK car recovery breakdown firm, RAC is planning to refinance the loan portion of its capital structure with a whole business securitization, likely similar to rival breakdown cover business The Automobile Association’s (The AA) secured financing. Ross Lancaster reports. -
ChemChina gave 11 banks allocations in the $20bn tranche of its Syngenta acquisition loan on Thursday, bringing the total number of banks in the syndicate to 16.
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The Asia ex-Japan loan market betrayed little direction in the first quarter and the mood of syndication bankers is one of measured optimism for the year ahead. Bankers are making diversification their new goal and are hunting down opportunities in newer sectors, writes Shruti Chaturvedi.
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Bank of the Philippine Islands (BPI) is poised to make its debut in the international syndicated loan market with a $250m fundraising.
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Blount International, the US farm and forestry equipment manufacturer, joined in this week’s trend of widening prices in a leveraged loans market where demand is hard to find.
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Western Digital, the US maker of computer hard drives, has widened pricing on its $9.5bn loan package to entice reluctant lenders. The loan will back Western Digital’s $17bn acquisition of SanDisk.
