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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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A term loan B market could finally emerge in Asia, after a big investment bank launched a deal for a leveraged borrower aimed at the region’s institutional investors. But the lack of depth and precedent in the Asian institutional market, coupled with low deal volumes, could pose challenges, writes Shruti Chaturvedi. -
Wugang Trading has allocated its $150m three year bullet loan that was launched into syndication in July. Led by Standard Chartered, and backed by a guarantee from Industrial and Commercial Bank of China, the loan attracted 17 lenders in syndication.
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Thai conglomerate Berli Jucker Public Co is sounding out banks for a €650m-€675m ($870m-$903m) bridge loan to finance its acquisition of Metro Cash & Carry Vietnam.
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A total of 18 banks have piled into Taiwan Cement Corp’s $1bn fundraising, with syndication now closed. But despite the fact that the deal is close to two times covered, the borrower is unlikely to increase the final size.
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Reliance Industries’ telecom arm Reliance Jio Infocomm could price its $1.5bn dual tranche financing at an all-in of below 175bp, according to bankers considering participating in the deal.
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German automotive company Amtek will not close the book on its €305m deal until September, after entering the leveraged loan market towards the end of July’s glut of deal supply.
