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Investors eye 2028, 2031, 2032 as big years for loan maturities
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
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China Modern Dairy has increased the size of its second overseas syndicated loan to $300m from a launch size of $150m, after two dozen retail lenders joined in general. The loan attracted lenders from Taiwan, China, Hong Kong, Japan, Indonesia, India and Korea.
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Pemira debt managers has announced the final closing of a €1.1bn direct lending fund, Permira credit solutions II, further increasing the weight of capital in the mid-market.
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China concerns have failed to dissuade European corporate borrowers from going about their capital markets business this week, with a number of bonds in the works and acquisition loans progressing.
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Ashtead, the UK-based equipment rental company, has increased a credit facility to $2.6bn to fund an expansion of its fleet.
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Vietnam’s Sacombank has completed an overseas fundraising of $50m, with a group of five lenders supplying the funds. The loan comes close on the heels of a borrowing by Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) that is now in its final leg. An overall lull in the syndicated loan market this year has driven banks to look beyond larger southeast Asian economies for business.
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Citic Capital Holdings has hit the market for a HK$1.8bn ($232m) three year loan, with six mandated lead arrangers and bookrunners in tow. The company is paying a lower margin for the three year borrowing than for a two year it signed in 2013.