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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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Credit Suisse’s numbers were ugly, whichever way you slice them — a loss of Sfr6.4bn ($6.44bn), shares down 11%, bonuses down 36%. Even after “adjustments”, the bank still lost Sfr420m in its core businesses.
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The prospect of a huge financing package to back ChemChina’s $43bn acquisition of Syngenta has left bankers guessing how the two banks arranging the funding are going to structure and distribute the debt, especially as the lenders are working under separate mandates. Despite their size, the loans are expected to be well supported thanks to abundant liquidity in Europe and the target’s strong credentials, writes Shruti Chaturvedi. -
European leveraged loan bankers and investors had a chance to sit back and take stock of the market this week, as no deals were launched, after 20 arrived in a surprisingly busy January.
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Credit Suisse reported a loss of Sfr6.44bn for the fourth quarter of 2015, as the bank’s restructuring ramped up and it crammed exceptional items into last year’s numbers. Like Deutsche Bank in the third quarter, a chunky goodwill writedown was the main culprit. But the bank also suffered from its exposure to leveraged loans.
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Two acquisition financings are due to hit general syndication after Chinese New Year. One is a loan for Baring Private Equity Asia’s acquisition of HCP Global, and the other is for Singha Asia, which is buying stakes in two companies from Vietnam’s Masan through the issue of new capital.
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Goldman Sachs has named a new head of its EMEA financing group, which houses primary capital markets, as Jim Esposito switches roles to become chief strategy officer of the securities division.
