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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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Loan figures for Greater China have been a disappointment so far this year, with volumes not only down from 2013 but also standing at the lowest point year to date since 2009. Bankers are now sharpening their tools to battle over pricing levels with issuers — and the prospects are high that margins will climb up, writes Rashmi Kumar. -
Aluminium manufacturers China Zhongwang Holdings and China Hongqiao Group have entered the loan market in quick succession, with both companies launching three year facilities into syndication.
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Chinese company Giant Investment, which is taking private online game developer Giant Interactive, has picked a group of seven banks to provide it with $850m to fund the leveraged buyout.
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Sole mandated lead arranger and bookrunner Standard Chartered opened up a $100m two year term loan for UniTrust Finance & Leasing Company on the evening of March 19, pricing the transaction at 275bp over dollar Libor.
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Ceva Sante Animale, the veterinary vaccines maker, expects to receive initial commitments to a €668m-equivalent term loan on Friday, as it seeks to refinance debt using an aggressive covenant-lite structure.
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French funeral services firm OGF is due to release the final terms of its €575m debt repricing on Wednesday afternoon, as it seeks to sign the amended loans by Friday.
