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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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Hybrid capital bankers who have insisted for the last few years that the rating agencies’ criteria were now stable and settled will be eating their words today. Standard & Poor’s has stripped the equity credit from 29 corporate hybrids, though it claims this is not a criteria change.
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China Cinda Asset Management has sent out a request for proposals for a loan of around $5bn to back its bid for the acquisition of Nanyang Commercial Bank, according to sources.
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The syndication timeline for a $145m loan backing the Blackstone Group’s acquisition of some Indian assets has been pushed back.
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The European leveraged loan market has experienced a subdued October, with issuance not yet even up to August's level.
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Ethypharm, the French pharmaceutical company, is holding a bank meeting today (October 26) for €285.5m of new debt to finance the acquisition of DB Ashbourne, the UK branded drugs firm.
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VietinBank, one of the four largest state-owned commercial lenders in Vietnam, has doubled the size of its latest borrowing to $200m after fully exercising a greenshoe option.