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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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Europe’s vibrant direct lending market, in which specialist funds lend privately to companies, often without bank arrangers, is swallowing bigger and bigger deals. But the market is heading for trouble when the credit cycle turns, participants warn. Max Bower and Jon Hay report. -
Albéa, the French packaging firm owned by Sun Capital Partners, has scheduled a bank meeting for Monday in London about a $921m-equivalent bond to loan refinancing and dividend recapitalisation.
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India’s Jindal Steel and Power (JSPL) is negotiating with lenders to extend maturities on syndicated and bilateral loans worth a total of about $760m, according to sources. With commodity prices having come out of last year’s lows, lenders are thawing to the sector but will continue to approach it with caution, writes Shruti Chaturvedi.
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Hong Kong-listed Fosun International is back in the syndicated loan market for $650m equivalent to refinance a $800m deal raised two years ago.
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Cosmetics packaging company HCP Global has approached lenders for a $540m borrowing that will replace a $430m loan sealed last year, according to bankers.
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Volkswagen has returned to the public straight bond markets in its own name for the first time since September 2015, when it was swept from the market by its emissions test cheating scandal. Bond markets being what they are, a multi-billion euro blowout is likely.
