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Facility refinances loans signed in 2022 and 2023 with multiple institutions providing the financing
More robust growth expected in 2026
German promissory notes come into their own in times of stress
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A $300m five year facility for Indian state-owned company Power Finance Corp (PFC), which mandated three banks for the loan in October, is now open to retail participation. -
Investment grade loans bankers are trying to hold firm against what they claim is an attempt by borrowers to loosen deal terms aggressively, as the market prepares for a spate of merger and acquisition financing, writes Michael Turner.
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The Schuldschein and US PP markets pride themselves on rigorous credit analysis, but both were caught flat-footed when UK outsourcing firm Carillion fell into liquidation this week. The likelihood of private debt investors getting their money back is slim, and the knock-on effects on both markets are being disputed, write Nell Mackenzie and Silas Brown.
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Investec Bank plc, the South African bank’s UK branch, is expected to sign a loan to refinance a $300m facility signed in 2015.
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UK engineering group GKN slapped down the claims made in a hostile takeover bid by industrial conglomerate Melrose on Thursday, leaving loans bankers facing a long wait before they find out if debt will be needed to fund the deal.
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The Loan Market Association is consulting with US private placement investors about creating European PP documentation that is more similar to what they are used to — in the hope that the lenders will be more drawn to European companies as a consequence.
