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Sxiteen additional lenders joined the syndicate as Uniper and Amazon sign offtake PPAs
CLOs and high yield bonds offer different avenues as securitization shows limits on tenor and size
Business has sagged in the third quarter, but the pipeline is busy, despite an intractable war
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Huarong International Financial Holdings is seeking a HK$1.5bn ($193m) dual tranche loan and has picked a Taiwanese bank to lead the trade.
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The loan for South Africa’s MTN, which is partly underwritten by BAML and Citi, may have to include an accordion feature to hit its $1bn target size, said a banker on the deal. -
Five banks have completed syndication of a $100m loan for Oman’s Bank Dhofar. The loan fills a funding gap while the bank waits to sell its first medium term note, the chief financial officer told GlobalCapital.
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The $4bn of loans for Steinhoff’s acquisition of Mattress Firm are in syndication and due to be signed next week, according to a banker involved in the deal.
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Though many of Turkey’s borrowers are facing ratings downgrades, Turkish-Japanese tyre maker Brisa has raised $310m of loans from Japanese investors and the European Bank for Reconstruction and Development (EBRD).
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The investment grade bond market saw raging demand for the one small deal of the week, lining the market up for a strong September, while the high yield market has seen appetite for European credits weaken. Investment grade and leveraged loans alike have settled into the summer lull, though Cinven’s latest acquisition could raise hopes for more LBOs in the final quarter.
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