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In recent weeks, private credit and direct lenders have brought more certainty to borrowers as capital markets were roiled by tariff chaos
Banks already working on deals in the industrials and chemicals sectors
As Ares raises the largest direct lending fund, Goldman Sachs reorganises to serve the trend
Sole bookrunner Morgan Stanley gets deal multiple times covered
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In stark contrast with a mute high yield bond market, leveraged loan investors were expecting more than €5bn of new deals on Monday, including a $725m-equivalent deal from Swedish trade technology provider Itiviti, which includes a triple-C rated second lien. -
Investors want the Association for Financial Markets in Europe (Afme) to bulk up their fight against loose high yield bond terms. Afme wants high yield investors to pay a fee for the first time. With borrowers only now tentatively coming back after an unusual risk off pause, this week’s confrontation between Afme and some investor members will add uncertainty to new deal pricing, said market participants.
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Bookrunners will start marketing the financing for KKR’s buyout of Unilever’s spread business as soon as next week, with the European high yield bond and the leveraged loan market both braced for supply.
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Sources have said 3i plans to follow a buy-and-build approach with the newly acquired Royal Sanders, the Anglo-Dutch personal care product manufacturer. The strategy would mirror its successful expansion of drinks bottling company Refresco, which sparked a bounty of deals in the high yield and leveraged loan markets.
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Europe’s speculative grade debt markets began cautiously weighing the impact of a recent surge of US-driven volatility this week. While high yield issuers remain circumspect, leveraged loan borrowers led by French calibration specialist Trescal are charging on, confident that investor demand remains strong.
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Global stock markets have been hit with volatility in recent trading sessions, but European primary leveraged finance markets had already slowed down as investor pressure grew around Algeco’s €1.4bn deal and UK retailer New Look’s performance.
