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Leveraged loans in stressed sectors like software carry refinancing risk
Ferrero International markets €300m deal
Six tranche loan attracts record demand
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The deal agreed by Theresa May, prime minister, for the UK's exit from the European Union has brought issuance of sterling bonds, equity and loans to a juddering halt, which could extend into 2019. Nigel Owen reports. -
Several European central banks have contacted the Loan Market Association (LMA), raising concerns about the risks of the leveraged finance market. But following a round of private meetings in London, the authorities are not expected to bring forward new regulations.
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Cameroon’s Nachtigal Hydro Power Co has raised euro loans, estimated at above €900m, to fund construction of a €1.2bn 420MW hydroelectric plant on the Sanaga river near Yaounde. Most of the debt is coming from development finance institutions, but a few commercial banks are involved.
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Shareholders have waved through The Restaurant Group’s (TRG) £559m debt and equity-funded purchase of UK Asian-themed restaurant Wagamama, despite a large portion of those voting opposing the deal.
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High hopes for a bumper corporate finance year in Saudi Arabia have been dashed by the pulled Aramco IPO, the blockade of Qatar and the murder of journalist Jamal Khashoggi, writes David Rothnie.
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UK investors that buy US private placements often struggle to compete with North American investors on price, but their disadvantage could be made worse by Brexit, if, as expected, sterling bond spreads widen.
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