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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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The past week has brought no sign of leveraged loan new issuance in either the US or Europe, and several deals have struggled in syndication.
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Tata Steel has received a new commitment at the senior level for its $1.5bn refinancing, with banks yet to join in general syndication.
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Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has received commitments worth $150m for its loan of up to $200m ahead of the deadline of February 26.
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Five banks have opened into senior syndication a $455.75m facility that will back Baring Private Equity Asia’s proposed acquisition of Singapore-based Interplex Holdings.
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The secondary market for European leveraged loans has had a tough February, with wider market volatility dragging down prices every day of the month so far.
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Saverglass, the French bottle maker, has allocated its €365m loan at tight pricing with syndication not proceeding past the early bird stage.