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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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Abengoa, the Spanish firm threatening to become the largest bankruptcy in its country’s history, needs €1.655bn over the next two years in order to carry out its restructuring plan. -
Europe’s corporate debt markets are in a phase of taking two steps forward, then one step back. This is a sharp contrast with the US, where investment grade bonds are blazing hot and leveraged finance crawling.
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Element Materials Technology, the UK product testing firm, and Vermaat Groep, the Dutch hospitality contractor, have replies due Tuesday for their respective buyout loan packages.
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A $1.775bn loan for ONGC Videsh, the international arm of India’s Oil and Natural Gas Corp, has attracted commitments from just two lenders in syndication, with the deal due to close by the end of this week.
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The European leveraged loan market is set for a slowdown in primary activity, with the pipeline underwritten towards the end of 2015 near its completion.
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Macquarie Capital has appointed a new head of UK financial sponsors, its second high profile hire since December.
