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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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Faurecia, the French car parts manufacturer, has refinanced a €1.15bn undrawn loan facility, hiring 10 banks. -
3i, the UK private equity and investment fund, has closed a mid-market loan fund for the first time after receiving commitments of €250m.
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Banks are lining up for Pelabuhan Indonesia II’s $1bn loan that opened into general syndication in October. State ownership and its operation in a strategic industry has helped the company get a good response.
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Indonesian telecom infrastructure provider Tower Bersama, which sealed its last loan as recently as July, is back in the market for a $1bn borrowing. The company has made a rapid return to take advantage of the downtrend in pricing for major Indonesian credits that began after the election uncertainty subsided.
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A spate of restructurings and defaults by Chinese companies has spooked the syndicated loans market and some banks are now saying there will be a flight to quality. However, by squeezing lending to mid-cap names, banks could miss out on funding the next Xiaomi or Alibaba. Instead they should improve their credit checks and look for more innovative solutions.
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US regulators have yet again reminded leveraged finance bankers that they are watching the market. The Federal Reserve and others criticised underwriting standards and unjustified lender optimism over Ebitda projections in a statement on Friday.
