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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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Armacell, the German foam insulation manufacturer, has launched a€660m debt acquisition package to back its buyout by Blackstone and Kirkbi from Charterhouse Capital Partners. -
Société Générale has appointed a new head of EMEA loan syndicate, after promoting the former head to a senior job in risk management across the corporate and investment bank.
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January so far has been dire for corporate new issuance in Europe. Even the most cautious of market participants could not have envisaged deal flow being this bad. By January 20, there had been eight corporate investment grade and high yield issues in euros, sterling and Swiss francs, totalling €6.4bn. By the same point last year, the figure was €21.8bn.
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A lender has invoked an export performance bank guarantee (EPBG) that backed a $475m borrowing for India’s Alok Industries, leading to a repayment of the amount to all the banks that participated in the deal.
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Tata Steel's $1.5bn refinancing has been launched into general syndication after a senior phase that began in early December.
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Global economic concerns have pushed both equity and bond markets to one of their worst starts to a year on record, but the European leveraged loan market has been resilient so far, with six or more bank meetings last week and several this week.
