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Investors eye 2028, 2031, 2032 as big years for loan maturities
Even leveraged deals still being underwritten, though banks are selective
Head of capital markets and advisory leaves
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Airbus, the European aerospace company, has signed a new €15bn credit facility as it looks to ride out effects of the Covid-19 pandemic upon its sector. The company is ramping up liquidity on the assumption it will not have access to capital markets. -
Asia’s sustainability-linked loan market has expanded further with a real estate investment trust raising funds linked to the global real estate sustainability benchmark (GRESB), a first for the region.
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Corporate funding markets have been thrown into turmoil faster than anyone can remember by the aggressive onslaught of the coronavirus and government measures to put society in emergency shutdown. Borrowing costs have soared for all firms, but markets are not closed. As Jon Hay, David Rothnie and Silas Brown report, the coming weeks will sort those that can still raise cash from those that need rescuing.
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Banks financing KKR’s £4.2bn purchase of waste management firm Viridor from Pennon were able to demonstrate certainty and deliverability of the financing for the deal to the Pennon board, despite chaotic markets which have seen rapid plunges in the prices of leveraged loans and high yield bonds.
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Companies drawing down on revolving credit facilities to make sure they have enough cash to ride out the coronavirus crisis has become a major theme in corporate finance in the past fortnight, and bankers expect it to continue. But working out which companies will do this is not easy.
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Firms across Europe are clamouring for crisis funding but while debt advisory bankers have joined the frontline in finding solutions some admit they may struggle to cope with the sheer scale of the challenge, writes David Rothnie.
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