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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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Only one lender is understood to have made a commitment to join China Shengmu Organic Milk’s $120m three year facility, which has been in syndication since December. -
While almost all financial markets have been stricken with fear so far this year, Europe's leveraged loan market has been surprisingly buoyant, with a healthy flow of deals and plenty of interest from investors — though the sister high yield market is a desert. Max Bower and Victor Jimenez report.
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China’s Haier Group is expected to use bank loans to fund up to $3.3bn of its forthcoming $5.4bn acquisition of US-based GE Appliances. Bankers have predicted an onshore China takeout, but the fundraising structure has not yet been disclosed, reports Shruti Chaturvedi.
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Veritas Technologies, the US software firm that Carlyle Group is buying from Symantec, will aim to complete a revised $7.4bn sale next week after failing to secure financing in November.
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Tata Power subsidiary Bhira Investments is understood to have mandated six banks to arrange a refinancing of a $460m loan wrapped up in October 2014.
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The former head of Asia Pacific loan markets at Royal Bank of Scotland is expected to join Maybank next week, according to two sources.
