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Swiss commodities firm has deleveraged thanks to elevated free cash flow
Innovation and ambition have been hallmarks of mergers and acquisitions activity this year, but there are some signs of weakness in private equity
Leveraged loans in stressed sectors like software carry refinancing risk
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London-listed Ophir Energy has agreed a bridge loan to back its $205m acquisition of southeast Asian assets from Australian oil and gas company Santos. -
India’s Reliance Jio Infocomm has launched the biggest Samurai loan from an Asian company into general syndication, as it looks to leverage on Japanese onshore liquidity.
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China’s Kingboard Chemical Holdings has returned to the offshore loan market for a HK$6bn ($764m) borrowing, less than six months after signing its last syndicated transaction.
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Emerging market borrowers in EMEA are increasingly asking for investment grade-style terms on their deals, such as different maturity structures on revolving credit facilities, causing consternation among lenders.
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Turkey’s Garanti Bank has wrapped up its springtime loan refinancing, raising $1.4bn-equivalent and continuing the pricing trend seen among peers in recent weeks.
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More than $1tr of leveraged loans are now outstanding in the US market, according to the Loan Syndications and Trading Association. The market has doubled in size in just eight years, with lower rated loans swelling volumes as CLOs and retail funds chase yield in corporate credit.
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