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Specialist moves after 18 years in the market
New dangers are making deals harder to do, but pricing for the haves is still tight
Manager refinances 2023 deal, reset in 2024
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Another heavy primary week in European leveraged finance swung into action on Monday, with the bond leg of the buy-out financing for Bain and Cinven’s Sfr4.2bn purchase of Lonza Specialty Ingredients among the highlights. -
French frozen food maker Picard pulled its planned €1.7bn sustainability-linked dividend deal on Friday, citing ‘unsatisfactory market conditions’, and its flexible redemption schedule, with no maturities until 2023. Conditions were so unsatisfactory that last week was one of the busiest of the year in high yield primary, while Monday has opened with another six deals announced — suggesting that for most issuers and arrangers, conditions continue to be very satisfactory indeed.
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Thailand’s Gulf Energy Development Public Co is in talks with a large group of banks for a bridge loan of about Bt170bn ($5.3bn) to support its acquisition of Intouch Holdings. Pan Yue reports.
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Indonesian property developer Pakuwon Jati returned to the offshore debt market this week after a four year hiatus, selling investors a $300m seven year bond.
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Dalian Wanda Commercial Management Group Co sold a sub-one year bond on Thursday, raising $325m.
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Market participants will embark in the coming weeks on the difficult task of working out how to use the European Union’s sustainable finance Taxonomy, after the first criteria were published this week. In doing so, they will be conscious that the smooth tide of green finance is now breaking against the hard reality of power politics and resistance by fossil fuel industries — a clash that is rocking the Taxonomy’s credibility, writes Jon Hay.
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