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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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Inner Mongolia-based China Shengmu Organic Milk is testing appetite in the syndicated loan market for a $120m three year facility and is offering banks an attractive yield of more than 300bp.
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Cooper, the French pharmaceuticals distributor, has priced the term loan ‘B’ for its acquisition by Charterhouse at 475bp over Euribor, with an original issue discount of 99.5, the wide end of initial talk that began at 450bp.
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Corporate bond bankers are busy, for this time of year. While they are usually up for doing deals, it is clear investors, too, are in no hurry to close their books for the year, but are keen to buy paper, despite the let-down of the European Central Bank’s lukewarm QE boost last week.
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Standard Chartered's European head of loans is leaving the bank.
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Corporate treasurers across Europe will be thanking Daimler today, as the German car maker took the lead on Tuesday and showed that the bond market is wide open for deals.
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A $150m three year loan for Ye Chiu Group subsidiary, Harmony Group, is likely to be cut in size after meeting a lukewarm response during general syndication.