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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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With regulation of the leveraged finance market in the US biting ever harder into banks' freedom of action, high yield market participants in Europe are beginning to look ahead to a future in which regulation could come to Europe, too. -
The £390m acquisition loan backing CVC’s buyout of Sky Bet, the online gambling arm of television group Sky, will be launched today. It is the second ever all-sterling leveraged finance deal with a covenant-lite term sheet, bankers said.
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All eyes are on Chinese real estate developers this week as the bond market braces itself for the sector's first offshore bond default, write Rev Hui and Shruti Chaturvedi.
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US chemicals producer Angus Chemicals will hold a bank meeting in London on Thursday for the first leveraged loan of the year, a $505m-equivalent deal that backs its buyout by Golden Gate Capital.
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The European corporate bond new issue market, like other bond markets, has been slow to get off the ground this year, with an awkward public holiday across much of Europe on Tuesday apparently delaying business until mid-week.
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Europe's leveraged loan market has a pipeline of deals to execute this January after arrangers left their desks for Christmas anticipating a hefty volume of jumbo deals to start the New Year. But a drab two days in equity markets has not provided the sunniest of openings.
