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William Liu joins from K&L Gates
Buyers line up €11bn of debt and equity financing
Upper mid-market firms eschew ‘exciting’ stories as cracks emerge in European private credit
Pharmaceuticals and energy transition also ripe sectors for M&A
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Investment banks are lining up to back the bidders in the Nestlé skincare unit auction, underwriting a package of acquisition debt that could hit the market in two to three months’ time, according to a leveraged finance syndicate banker. -
Europe’s corporate bond market is on classic form, swallowing six-tranche monster deals, hybrid issues paired with senior and other juicy trades day after day. Vodafone’s £3.4bn mandatorily convertible bond grabbed the attention on Tuesday with coupons that looked astonishingly low for sub debt, but behind it all is a rally caused by, of all things, economic uncertainty.
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China car dealership company China Yongda Automobiles Services Holdings has tapped the offshore market for first time, raising $250m after it sealed a Rmb800m ($123m) debut syndicated loan onshore last year.
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India’s InterGlobe Technologies (IGT) is tapping the international loan market for a debut $100m five year borrowing.
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With market conditions strong last week, leads on the most hotly anticipated leveraged financing of the year decided to press ahead and launch. The $10.5bn debt package backing Brookfield’s buyout of Johnson Controls’ Power Solutions business will hit all the major pockets of demand, with term loans in dollars and euros, senior secured bonds in dollars and euros, and unsecured notes as well.
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Loan investors succeeded in the ‘game of chicken’ in setting deal terms on the first two major new money acquisition loans in the European market this year, winning a package of concessions that could help achieve a better balance between borrowers and lenders in a market that has seen documentation deteriorate.
