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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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Invitations are out for a $300m three year borrowing for China ZhengTong Auto Services, a luxury auto dealership. Morgan Stanley is leading the deal, which can be increased in size based on the response. -
Chinese banks have been winning loan mandates for corporate M&A and management buyouts originating from their home market. Now they turning their attention to financing more sponsor driven activity, as two mainland lenders have shown by joining a leveraged buyout loan for an acquisition by Carlyle Group. Shruti Chaturvedi reports.
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French trade fair organiser Comexposium on Wednesday joined the recent wave of refinancing offerings in the euro leveraged loan market with its own €394m offering.
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On Wednesday, UK financial software firm Misys pulled the $1.5bn refinancing it had been marketing as part of its planned IPO, having dropped the share sale last week.
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Banks are preparing finance packages for the leveraged buyout of Romanian retail chain Profi, with the loans likely to price almost as tightly as deals from western Europes, according to one banker.
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The hype in the European leveraged finance markets runs that the European Central Bank and Bank of England have made riskier assets irresistible to investors, and that fund managers are beginning to embrace even aggressive dividend deals and payment-in-kind bonds. Don’t believe it.
