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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 $100m syndicated loan for China Water Affairs Group has closed with over 10 banks piling in, prompting the borrower to consider doubling the size of the deal. -
Tata Motors has made a rapid return to the international loan market for a refinancing worth $250m, launching the deal just a few weeks after signing a $600m fundraising.
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A $300m dual-tranche borrowing for a subsidiary of palm oil producer Golden-Agri Resources has launched into syndication. The money was funded by four banks in mid-2015.
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Bank of Ceylon has decided to pull a $100m loan launched at the end of October 2015 in favour of raising more short-term funding.
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TDR Capital has set bank meetings for January 12 to market a £745m debt package for its minority investment in Euro Garages, the UK’s second largest independent petrol station operator.
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Loans bankers have traded in cautious optimism for realism this year, as weaker currencies and loosening monetary conditions across Asia are expected to weigh on demand for foreign currency debt. Even silver linings such as a potential pick-up in loan activity from India and increased outbound M&A will provide little respite, writes Shruti Chaturvedi.
