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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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HSBC and Société Générale have underwritten a sterling loan for what is, according to two bankers, the first UK leveraged buyout since the country voted to leave the EU almost a month ago.
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Pirelli’s €4.8bn refinancing loan has found strong demand, as roughly 20 banks will join it, and it was well oversubscribed. Some banks declined to participate, however, and one banker said the borrower was "taking the mickey" with the terms of the deal.
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Mizuho has recently seen the departures of two bankers in its loans team in Singapore — one each from origination and distribution.
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The Asian loan market is finally showing signs of life as receding concerns over the pace of renminbi depreciation and bank efforts to look beyond traditional borrowers propel activity. With two or three deals launching nearly every week this month, the pace of issuance has set a strong tone for the rest of the year. Shruti Chaturvedi reports.
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VPBank Finance, the consumer finance arm of state-owned Vietnam Prosperity Bank, is accessing the debt market for a $100m loan backed by accounts receivable.