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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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A $460m refinancing for Tata Power subsidiary Bhira Investments has opened into syndication with seven banks at the helm. -
A group of 10 banks is in discussions with semiconductor firm Micron Technology for a NT$80bn ($2.5bn) loan to back its acquisition of Taiwan’s Inotera Memories.
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Solera Holdings’ $3.9bn debt acquisition package has been reduced, following insufficient demand for the $2bn-equivalent bond’s euro tranche.
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One of UBS's most senior managing directors in European leveraged finance has left the bank.
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The Monetary Authority of Singapore (MAS) published a paper on banks’ underwriting and corporate lending businesses on Monday. While the central bank did not observe a deterioration in underwriting standards, it cautioned the country's lenders about the increasing use of working capital and bullet loans.
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A $925m refinancing for Birla Carbon has received commitments from eight banks, taking the total number of incoming lenders to 10. The loan, which has been in syndication for three months, is likely to be allocated in early March.
