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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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Loans bankers backing the merger between UK supermarkets J Sainsbury and Asda will have to wait before releasing funds for the multi-billion sterling deal, after the UK competition watchdog referred the deal for in-depth review.
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The UK’s Gemcorp has given a $250m loan to the Zimbabwe sovereign to help the country buy essential goods, as low dollar liquidity puts the squeeze on importers.
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Private equity firms and corporates are unloading speculative grade debt deals with loose terms, but investors still pocket them this week, suggesting that their recent resolve for discipline may be short-lived.
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Chinese property companies that have been relying heavily on the country’s banks for their offshore loans should beware. The mainland bank lending tap may not be open for too long.
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China National Building Material (CNBM) is considering changing the guarantor of its $160m debut offshore borrowing in a bid to cut pricing.
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Loomis Sayles’ senior loan portfolio manager Kevin Perry will retire in March 2019 after 17 years with the company and 37 years in the industry, the firm said on Tuesday.
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