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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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In the leveraged loan market, where pricing has plummeted, it was inevitable that issuers would push their luck with the terms of their deals. Investors must push back.
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Aggressive leveraged loan borrowers are pushing investors to breaking point. Sponsors have milked buyers’ desperation for yield with ever looser covenants to the extent that one investor said, this week, that the situation was worse than at any point since the financial crisis. -
Two KKR backed firms have brought the first European leveraged loan market repricings of the year, picking up on a trend that is already in full swing in the US this year.
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M&A in Asia has started on a strong note this year, with the first big financing — for McDonald’s China’s $2.08bn acquisition by Citic and Carlyle — under way. While details of the syndicated loan are limited at this stage, the transaction has already gathered plenty of attention from bankers, writes Shruti Chaturvedi.
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Details on pricing have emerged on CT Corp company Trans Retail Indonesia’s $575m five year loan, which is expected to be pre-funded by seven lenders shortly.
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Ernst & Young has appointed a head of global private equity to replace Jeffrey Bunder, who has moved to a US private equity firm.
