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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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A large financing for the acquisition of Tesco’s South Korean asset, Homeplus, has created a stir in the market, coming amid a dearth of private equity-backed leveraged deals in Asia. But the role of foreign banks may be limited by abundant onshore liquidity and the presence of domestic funds, which are keen to take on junior debt, writes Shruti Chaturvedi. -
Mizuho has bolstered its corporate acquisition finance team with a new hire as it strengthens its Asian capabilities.
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Indian conglomerate Reliance Industries is understood to be close to choosing the mandated lead arranger and bookrunner group for a loan that will refinance a $1.5bn facility it raised three years ago.
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China's Yingde Gases Group is tapping the offshore syndicated loan market for a $150m deal. The firm, which earns revenues in renminbi and serves customers in the iron and steel industry, is offering lenders generous returns.
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Financing for three rival bids to acquire Tesco’s South Korean asset Homeplus feature a senior-junior split, according to market sources. One of the contenders is also said to have secured a letter of commitment from a local pension fund, considered unusual as such funds usually throw their weight behind bidders once they have emerged as the winner.
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The Abraaj Group has raised $375m for its second fund dedicated to North Africa, as the private equity firm continues to pursue investment opportunities on the continent.
