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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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Dominique LeMaire is set to join ING as head of the bank’s new platform to relaunch its leveraged loan and sub-investment grade corporate bond business.
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Numericable-SFR, the French telecoms company controlled by Altice, has issued new loans of €1.6bn, including a €500m European tranche due January 2023. -
Investec is looking for two syndicated loans totalling $530m, one for its South African business and the other for its London arm, according to bankers on the deal.
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Activity in Asia’s secondary loan market has picked up over the past few months as banks seek to manage their portfolios more efficiently. This is attracting intermediaries such as fixed income specialist SC Lowy, which has set up a par loan trading business in the region. But while there are opportunities, there are also plenty of challenges holding back growth in the nascent market, writes Shruti Chaturvedi.
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The third largest takeover is on. Brewer SABMiller has agreed to be bought by Anheuser-Busch InBev for £68bn, in a deal that shows continued investment confidence in Africa — one of the main attractions of SABMiller for InBev, which is weak in the continent — bucking the trend of pullback from emerging markets.
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Commitments are due on Thursday October 15 for Concordia Healthcare Corp’s loans for its $3.5bn acquisition of Amdipharm Mercury from Cinven.
