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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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Sponsors are leading a shift away from high yield bonds and into second lien leveraged loans, causing the loan market to swell while high yield market starts to shrink. -
Fitch Ratings has hired two experienced bankers to help expand its footprint in US leveraged finance.
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The leveraged loan market is approaching Christmas on course to beat last year’s issuance, particularly for financing of new buyouts.
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Political calls for the bank capital system to favour green assets are intensifying. GlobalCapital has learnt that Peter Simon, the German MEP running the European Parliament’s work on a big package of banking legislation, is backing the idea.
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Dividend recapitalisation deals, such as the ones ChemicaInvest and Ten Cate launched this week, are on the rise. The move, considered aggressive by leveraged loan investors, is nevertheless becoming more common and accepted in the present issuer’s market.
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Two leveraged loan deals in the market this week, for Tele Columbus and PlusServer, have both had their margins tightened by 25bp, suggesting that market participants who predicted early this week that spreads were going to start widening had spoken too soon.
