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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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Mongolian Mining Corp (MMC) has failed to pay banks instalments and interest related to loans it raised in 2014, according to a filing with the Hong Kong Stock Exchange.
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Tata Steel is expected to offer banks a much higher return for a refinancing related to its Canadian operations than it paid for its recently concluded $1.5bn facility, according to sources.
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Indonesian developer Grahamas Adisentosa is seeking a long-term borrowing of $1.458bn to fund the construction of a 111-storey building in Jakarta. The almost unprecedented size of the fundraising and an unusually long tenor have led to bankers debating who will come in for the deal, writes Shruti Chaturvedi.
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Loss-making commodity trader Noble Group is in talks with banks for an unsecured borrowing of about $1.5bn to refinance existing debt.
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One of Abengoa's subsidiaries has signed a liquidity facility with a group of investment funds.
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What looked set to be a quiet week in Europe’s corporate bond market burst into life on Wednesday, with three investment grade deals, after none on Monday and Tuesday.