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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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Europe’s corporate bond market has been a more unpredictable place since the backlash against extreme interest rate reduction began a couple of months ago – but demand is still brisk and issuance is lively.
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Penn Engineering, the US fasteners maker, has launched a $465m-equivalent repricing to cut margins on its dollar and euro loans by 50bp. -
Indonesian tower company Solusi Tunas Pratama’s latest borrowing has been allocated among 20 lenders. The deal, which is to refinance what is left of a bridge it sealed with five banks in December last year, saw scalebacks of nearly 50% on bank commitments.
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A finale to end all finales, in which our hero learns the shocking truth of the negative rates and comes face to face with the mysterious Dr E. Seabee.
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Chinese department store operator Golden Eagle International Trading is likely to increase the size of its latest borrowing for a second time, to $700m. General syndication, which was launched in early April, coincided with a rating downgrade of parent Golden Eagle Retail Group by Fitch but an attractive yield and good financials helped see the deal through, said bankers.
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When the US Federal Reserve started to regulate leveraged finance in 2013, the news was almost shocking.
