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A slow destruction of misallocated investment is more likely than a sudden stop
LBO financing includes $5.75bn term loan to be priced early next week
Investors eye 2028, 2031, 2032 as big years for loan maturities
Even leveraged deals still being underwritten, though banks are selective
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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. -
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.
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Allocations are out for a $145m loan backing the Blackstone Group’s acquisition of Serco’s business process outsourcing assets in India.
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The Islamic Republic of Pakistan has increased the size of its latest loan to $325m from $300m after a few more lenders joined the deal at a later stage.
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While the last few years have been all about the European high yield bond market rapidly developing into a dependable financing source for private equity sponsors, 2015 saw the loan market fight back. But as Max Bower and Victor Jimenez point out, it has done so at a time when LBO sponsors face increasing competition from IPOs and trade buyers.
