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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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Tata Chemicals Europe’s £140m ($216m) dual-tranche facility has been launched into limited syndication, marking the borrower’s return to the syndicated loan market after a four year break. -
Two leasing companies have rolled out their loans into general syndication, with China Universal Leasing seeking Rmb800m ($126m) from onshore lenders and CDB Leasing looking for $300m offshore.
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Sri Lanka’s Bank of Ceylon is seeking a fundraising of up to $200m, returning to loans after a two year absence. But while the borrower is approaching lenders at a time when they are very liquid, it may struggle to woo new banks, writes Shruti Chaturvedi.
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Oberthur Technologies, the French smart cards maker, indefinitely postponed its IPO on Wednesday, blaming poor market conditions.
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European financial sponsor-related leveraged loan borrowing has fallen 18% this year to date, compared with the previous year, according to Dealogic.
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Happy days are here again for the corporate bond market. After weeks of improving sentiment, investors are ready to start splashing the cash. Issuers that have brought deals are reaping the rewards, in big orderbooks and tighter new issue premiums.
