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The asset manager sees higher demand than ever as direct lending proves solid during a crisis
Loan bankers say that some sectors look particularly shaky after Trump tariffs
Moody's says the prevalence of PIKs could lead to bondholders wanting structural risk mitigants
Blackstone out with two trades but overall issuance could suffer
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Two senior leveraged finance lawyers have switched firms from White & Case to Allen & Overy in New York, following Jake Mincemoyer, who joined A&O as head of US levfin in February. -
Banks launched the first leg of the buyout package for Hillhouse Capital’s purchase of Philips Domestic Appliances on Tuesday, readying an €850m seven year term loan, with bonds to follow.
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Cambodia’s Acleda Bank has returned to the loan market after a three-year absence, and is testing lenders’ appetite for three different deals simultaneously.
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Vietnam’s VNDirect Securities Corp has tapped the offshore loan market for the first time for a $50m borrowing.
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Investment firm China Renaissance Holdings has closed its debut offshore borrowing of $300m.
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Direct lenders are brandishing low levels of default rates through the coronavirus pandemic as proof of the resilience of the asset class, and are using this track record to attract more investors. But not all funds are equal, and now potential LPs can scrutinise the performance of funds through a full credit cycle and allocate accordingly.
