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Major sectors in leveraged loans are trading down, making shrewd credit selection vital
Deal could include $950m of bonds
Upper mid-market firms eschew ‘exciting’ stories as cracks emerge in European private credit
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Chinese online travel agency Tongcheng-Elong Holdings is making its debut in the offshore loan market for $200m. -
Acme Solar Holdings was one of the few borrowers in Asia to brave volatile market conditions on Thursday to sell its debut dollar bond.
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Credit spreads for corporate borrowers from sectors that will benefit the most from reopening from lockdowns are drifting wider as coronavirus infections rise thanks to the spread of the delta variant. Industries already battered by the pandemic face a rough autumn in capital markets if there is another major global wave of the virus.
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CVC Credit Partners has priced the tightest US CLO of the month selling the senior notes at 113bp over three month Libor, underscoring the robust demand for the product.
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Hightown, a housing association located north of London, has agreed a £100m unsecured green private placement, suggesting a modest growth in appetite for unsecured investment in the sector.
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With PeopleCert and The Very Group closing high yield deals this week, the market is close to already trumping the yearly record of €103.2bn set in 2020. However, clear indications of a cooling period have pushed that moment into early August.
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