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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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Chinese banks appear to be taking a step back from lending aggressively after a rise in funding costs and tightening onshore liquidity combined to put pressure on their balance sheets. As they become more selective, there will be winners and losers in the loan market, writes Pan Yue. -
BoCom International, the Hong Kong unit of China’s Bank of Communications, has launched a new HK$4bn ($509m) loan into general syndication, just weeks after its Macau unit opened a $500m club-style deal.
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Hong Kong-listed conglomerate Fosun International launched a $500m loan into general syndication this week, according to bankers close to the deal.
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JD Sports, the UK athletic wear company, has agreed a new revolving credit facility underwritten by existing relationship banks Barclays and HSBC to finance its approximately $558m acquisition of the US’s Finish Line.
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Michelin, the French tire maker, has had a £1.2bn ($1.96bn) bridge loan underwritten and arranged by Morgan Stanley to finance its purchase of UK industrial belting manufacturer Fenner.
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The UK government has waded into Melrose’s hostile bid for engineering firm GKN, seeking assurances from the industrial conglomerate that it plans to protect UK jobs should the deal go ahead in the latest hurdle for a £7bn-plus debt financed acquisition.
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