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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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After the extremes of recent weeks, with enormous order books and sometimes negative new issue premiums, Europe’s corporate bond market has reached a steadier cruising speed this week.
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Novacap, the French chemicals and pharmaceuticals firm, had replies due on Wednesday on its €435m seven year cov-lite term loan ‘B’ as the market for European leveraged loans struggled to clear all launched deals and build a decent pipeline. -
Allnex, the Brussels-headquartered coating resins business, had bank meetings on Wednesday for a €760m cov-lite term loan ‘B’ backing its acquisition of Nuplex, the New Zealand resins firm.
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Indonesia’s Pertamina is planning a $1bn five year borrowing that includes a greenshoe option and has sent out a request for proposals to banks, according to bankers close to the situation.
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Two US private equity firms have raised a $350m-equivalent loan for Network International’s buyout of Emerging Markets Payments Holdings (EMP) and tightened the pricing in syndication.
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Airbus has released price talk on a €425m term loan, while First Data, the US payments technology firm, priced its euro term loan at an unusually tight margin on Monday.
