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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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State-owned refiner Bharat Petroleum Corp has sent out a request for proposals for a $200m deal, coming to the market eight months after it cancelled a loan in favour of a bond. -
Inner Mongolia-based China Shengmu Organic Milk is testing appetite in the syndicated loan market for a $120m three year facility and is offering banks an attractive yield of more than 300bp.
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Cooper, the French pharmaceuticals distributor, has priced the term loan ‘B’ for its acquisition by Charterhouse at 475bp over Euribor, with an original issue discount of 99.5, the wide end of initial talk that began at 450bp.
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Corporate bond bankers are busy, for this time of year. While they are usually up for doing deals, it is clear investors, too, are in no hurry to close their books for the year, but are keen to buy paper, despite the let-down of the European Central Bank’s lukewarm QE boost last week.
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Standard Chartered's European head of loans is leaving the bank.
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Corporate treasurers across Europe will be thanking Daimler today, as the German car maker took the lead on Tuesday and showed that the bond market is wide open for deals.
