GC Asia
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The power of making a fuss
As head of BlackRock, the largest asset manager, Larry Fink’s pivot to responsible investing in recent years has been influential.
16 Jan 2020 -
BNPP and Deutsche prep secondary buyout loan for Armacell
BNP Paribas and Deutsche Bank are marketing a €710m term loan 'B' to fund the secondary buyout of Armacell by PAI Partners, announced just before Christmas. This will be the insulation company’s fifth LBO, so it is well known to lenders, who ought to support the new deal despite a downgrade last year.
16 Jan 2020 -
Loan repricing accelerates but can CLOs keep up?
Some of the largest issuers in the leveraged finance universe are repricing their loans, cutting 50bp or more from their margins on the back of strong market conditions and proven performance since the loans were raised. That is putting pressure on CLO managers and equity holders, whose liabilities are tightening too, but more slowly, blocking repricing of the bonds and squeezing returns, write Owen Sanderson and Tom Brown.
16 Jan 2020 -
Palmieri shakes up corp finance at SG
Société Générale has redoubled its commitment to equity capital markets under a new structure designed to ensure it remains a force in investment banking when consolidation comes, writes David Rothnie.
16 Jan 2020 -
Pan Brothers ready to navigate Duniatex woes for new loan
Indonesian apparel supplier Pan Brothers is in talks with banks for a new dollar loan, as it prepares to return to the market for the first time since 2018. However, syndication may be a challenge, as lenders are still reeling from the default of a subsidiary of textile firm Duniatex last year, writes Pan Yue.
16 Jan 2020 -
Nouryon, Fluidra continue repricing trend in leveraged loans
Dutch chemicals giant Nouryon is attempting an elephantine repricing of a €5.6bn loan. Nouryon is following Spanish Fluidra, a pool manufacturer, which announced a €300m repricing on Tuesday, and UK-based data company Refinitiv, which set a more favourable price for its €2.33bn loan last week.
15 Jan 2020 -
Corporate primary faces test in secondary spread behaviour
European corporate bond specialists are keeping an eagle-like watch on how well new issues trade in the immediate aftermarket. Any widening could kick off a trend towards higher new issue premiums.
15 Jan 2020 -
India’s Birla Carbon, Tata Steel tap banks for loans
Indian companies Birla Carbon and Tata Steel have mandated banks for loans and both borrowers have signed up large groups of lenders at the top level.
15 Jan 2020 -
Röhm buyout loan returns to syndication
Advent’s buyout of German chemicals company’s Evonik’s acrylic unit last year is still haunting the leveraged loan market. The banks are relaunching syndication of €977m and $612m of term loan Bs, hoping that investors will find the credit more attractive this time around than when it was first syndicated.
14 Jan 2020 -
Wafer-thin margins for giant Froneri financing
Froneri, a PAI Partners-backed ice cream company, is syndicating the financing for its acquisition of Nestlé’s US ice cream business, raising €5.7bn-equivalent of first and second lien debt across three currencies.
14 Jan 2020
