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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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Kurt Geiger, the luxury UK shoe retailer, allocated its £150m all-senior acquisition debt at a notable margin even after its oversubscription. -
The past week has brought no sign of leveraged loan new issuance in either the US or Europe, and several deals have struggled in syndication.
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Tata Steel has received a new commitment at the senior level for its $1.5bn refinancing, with banks yet to join in general syndication.
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Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has received commitments worth $150m for its loan of up to $200m ahead of the deadline of February 26.
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Five banks have opened into senior syndication a $455.75m facility that will back Baring Private Equity Asia’s proposed acquisition of Singapore-based Interplex Holdings.
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The secondary market for European leveraged loans has had a tough February, with wider market volatility dragging down prices every day of the month so far.
