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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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The majority of Europe’s syndicated loan market thinks it does not know enough about the financial technology that is likely to affect its business, according to a recent survey. But no respondents to the survey saw fintech as a threat. -
Sino-Ocean Capital Holding has raised $500m from a two year bond. The deal was the company’s longest in the offshore market, but came with a weaker structure than its past outings.
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Private equity firm Blackstone Group is in talks with banks for a financing of about $1.6bn to back its long-planned acquisition of Hong Kong-listed property developer Soho China.
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Taiwan’s Central Trading & Development Corp is set to close a $320m loan for its Vietnamese business soon, as it waits for a few banks to receive their internal approvals.
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Loans to fast growing but unprofitable software companies are finding their way into boundary-pushing securitizations. Investor appetite for yield could well bring this riskier product from niche to mainstream.
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Virgin Media Ireland’s debut standalone leveraged loan has seen some resistance from lenders, and the company has conceded changes to the documentation, limiting its flexible to layer in additional senior debt. With commitments due on Thursday, it looks set to land at the wide end of the 325bp-350bp talk.
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