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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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Richard Jackson, co-head of leveraged and acquisition finance (LAF) at HSBC, has been made global head of that division. -
Abengoa, the Spanish renewable energy and engineering firm, has allocated a €1.4bn refinancing loan, after issuing a €500m green bond last week.
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Moody’s has upgraded UK travel commerce platform Travelport’s corporate rating from B3 to B2, citing the company’s plans to use IPO proceeds to de-lever.
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A new Finnish property investment company called Certeum has signed a €500m loan to fund the purchase of assets for its property portfolio.
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A few stomach qualms have been felt in corporate credit trading this week, as the iTraxx Europe Main index snapped out 4bp on Monday, its biggest widening since May and taking it back to early August levels. Bankers scoffed at the idea this was a reaction to Bill Gross leaving Pimco — more likely, investors are feeling nervous after a big bull run and heavy bond issuance in September.
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Norwegian debt collector Lindorff has syndicated a €255m five and a half year revolving credit facility that will support its buyout by Nordic Capital.
