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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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Aluminium manufacturer China Zhongwang Holdings has allocated its $500m three year facility, which saw 14 banks joining in syndication. -
Pressure prompts innovation, and the loan market is showing signs of strain beneath the growing weight of loosening terms, tight pricing and the disappearance of the syndication process in favour of club deals. It's good to see then, that two German banks can put aside their competitive streaks and join forces.
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Formosa Steel IB has signed up a total of 20 banks for its $700m fundraising, in a deal that saw a large chunk of the lower level of the deal going to Taiwanese lenders.
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A merger of the coffee businesses of DE Master Blenders and Mondelez International, backed by €7.5bn of debt, could take up to 12 months to complete, prompting some investors to question whether returns on financing the deal are worth the wait.
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Tank & Rast, the German motorway services company, has softened a margin cut it is seeking on two tranches of a €1.45bn loan, after pushback from funds.
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Indonesian port operator Pelabuhan Indonesia III (Pelindo III) is considering shelving a potential loan in favour of tapping the offshore dollar bond market, while Perusahaan Gas Negara (PGN) plans to reduce the size of its loan after a highly successful bond in May. Despite these deals slipping from their grasp, loans bankers are taking comfort in the fact there are plenty of smaller companies that will still need bank financing, write Shruti Chaturvedi and Rashmi Kumar.
