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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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After a summer of hand-wringing by investors over its high leverage, Bureau van Dijk has won out on its €845m loan, even managing to tighten the pricing on its euro tranche.
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Taiwan Cement Corp has sealed its dual tranche loan at $1.07bn, higher than the launch size of $1bn, with 14 banks joining the four original mandated lead arrangers and bookrunners in general syndication. -
Sesa Sterlite, a subsidiary of Indian natural resources company Vedanta, launched a $500m refinancing loan into general syndication on September 12.
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China’s Taiyuan Iron & Steel Co (Tisco) has opened a $100m three year bullet loan into limited syndication, with Standard Chartered as the lead. The funds are being borrowed by Tisco Stainless Steel HK.
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Moody's speculative grade default rate was just 1.8% in July and August, compared with 4% a year ago. The rating agency expects the rate to remain low next year.
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Bank Rakyat Indonesia, which started sounding out lenders for a fresh fundraising in early May, has signed its $370m three year loan with a club of seven banks.
