Loans and High Yield

There was a benign response in the European leveraged loan market on Wednesday to Donald Trump's shock US election victory. How the result affects the post-summer repricing wave is a little more unclear, however, especially given the pipeline of new paper.

The European high yield market on Wednesday proved that it has learned at least one lesson from its Brexit experience: the unexpected does not mean market shutdown. Despite Donald Trump's surprise US presidential election win on Wednesday morning, HY market participants think issuance could resume quickly.

The euro corporate bond market sold off on Wednesday morning in reaction to Donald Trump’s victory in the US presidential election, but spread widening was limited, and bankers are already preparing new issues for Thursday.

The head of loan syndication and sales for Asia Pacific at Société Générale will become its global head of loan syndicate, assuming some of the responsibilities of the outgoing deputy head of global syndicate in the process.

Do not be reassured by the checks and balances narrative. The US presidential election matters desperately. Either the US will be in a position to keep leading the world, or it won’t.

Bridgepoint has bought the agro business unit of Iberian industrials firm Sapec, in a deal valuing the unit at €456m and backed by six banks.

Credit Suisse has hired a senior leveraged credit trader in London following the recent departure of its head of European distressed debt and leveraged finance trading.

Only hours before one of the most tightly contested US presidential election in recent times is decided, participants in the European high yield market gave the event as non-plussed a shrug as it could manage.

Chinese property company Zhongshan Dasin Holdings is raising funds worth $419m in two currencies and multiple tenors.

A subsidiary of Malaysian telecommunications company Axiata Group, which approached the loan market for $100m in June, is overhauling and increasing the financing to $400m to fund potential acquisitions.

Indonesian television broadcaster MNC Sky Vision has cut its latest fundraising to $170m — the second time it has reduced the deal size. The loan, which had been in general syndication since late June, attracted three commitments from retail lenders.

Asset manager Pemberton has closed a €1.2bn European mid market debt fund, as the direct lending market becomes more appealing for larger deals, according to a Deloitte report.