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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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Citi has hired Shawn Borisoff into its global asset managers group, one of the final pieces in its long-running build out in sponsors coverage and leveraged finance. GlobalCapital understands the bank is still looking to hire for M&A and advisory, but Borisoff represents the final piece of the sponsors build-out. -
The global head of private credit at KKR has left the firm — despite its filing documents for a third ‘Lending Partners’ fund this week, suggesting it is raising another direct lending vehicle.
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The loan package backing Ardian’s buyout of Prosol Group, the parent of French food retailer Grand Frais, is set to increase leverage at the firm to more than five-and-a-half times Ebitda, a level that one investor said was overly aggressive in the sector.
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Corporate bond issuers in Europe were making up for lost time with a slew of deals on Wednesday, after a sluggish start this week with just one deal for Renault’s finance arm RCI Banque on Monday. Books are big and deals are tightening strongly in bookbuild.
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Investment banks' revenues from leveraged finance in Europe rose 146% to $537m in the first quarter from the first quarter of 2016, as the high yield market surged back into life and loan refinancings were ubiquitous.
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CVC has acquired a 25% stake in Spanish oil transportation and storage firm CLH, making it the largest shareholder in the firm.
