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Major sectors in leveraged loans are trading down, making shrewd credit selection vital
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
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CPI Ronghe Financial Leasing, a subsidiary of State Power Investment Corp, has made a quick return to the loan market for $300m, nine months after signing its last borrowing. -
Pakistan is making a quick comeback to the loan market, seeking $200m, amid a mounting debt crisis in the country. But economists and bankers said numerous funding avenues are available for the sovereign to manage its $12bn of outstanding debt.
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Taiwan’s leveraged loans market is finally set for some action, with private equity firm KKR seeking a $1.1bn-equivalent dual-currency deal to back its acquisition of LCY Chemical Corp. But uncertainties remain over whether the acquisition will get the government’s go-ahead.
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Japan telecoms company SoftBank took another step towards its flotation this week by replacing its intergroup credit with a double-B rated leveraged loan. This followed a high-yield bond sale in April with the same purpose.
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Energy group Arensis has secured funding for new facilities in the UK from Hadrian’s Wall Capital. Recent fundraising in the private debt market suggests there is high demand for new deals.
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The European markets for leveraged debt were on holiday this week, with no primary deals, moderate trading volumes and a slow but persistent widening. Some investors believe this week’s recess will be replaced by tougher markets in September.
