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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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The Islamic Republic of Pakistan has raised a new $300m 18 month loan, making a rapid return to the syndicated market. -
A €630m ($683.6m) facility for a unit of China National Chemical Corp has been allocated, with a dozen banks coming in during general syndication.
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Indonesian telco tower company Solusi Tunas Pratama (STP) has asked banks to relax a covenant on a loan raised in May as it anticipates future acquisitions that will change its gearing levels.
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David Lloyd Leisure, the TDR Capital-owned UK gym and spa firm, and Cooper, the French pharmaceuticals distributor, widened loan pricing this week as the leveraged market became increasingly selective.
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David Lloyd Leisure, the TDR Capital owned UK gym and spa firm, is widening pricing on its £380m debt offering after prospective lenders missed the Tuesday commitments deadline.
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Reserve Bank of India has issued a new framework to regulate offshore borrowing by Indian companies. While the changes are aimed at reducing the stress in the country’s banking system, the rules have led to bankers questioning how they will adjust to the new regime. Shruti Chaturvedi reports.
