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GC Asia
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Cov-lite has gone pretty well so far
The coronavirus pandemic has subjected the European leveraged loan market, where ‘cov-lite’ documents reign supreme, to a brutal test. The early results are positive.
10.30 AM -
Dealogic parent preps to strip out costly private debt as strong results cut leverage
Ion Investment Group is preparing to combine its Dealogic and Mergermarket units under a single corporate entity, ION Analytics, and refinance the group’s expensive private debt raised last year with a cheaper, broadly syndicated loan package across dollars and euros. A strong performance over the last year should encourage investors to look past the group’s previous struggles with access to the public markets.
26 Oct 2020 -
Vedanta returns loan, redeems bond after failed delisting
Metals and mining company Vedanta Resources has returned the full amount of a $1.75bn loan and redeemed a $1.4bn bond after its plan to delist its Indian subsidiary failed to get enough support.
23 Oct 2020 -
Country Garden wraps up $1.5bn loan with 16 banks
Chinese property developer Country Garden has closed a $1.5bn-equivalent dual currency loan, attracting seven participants during syndication.
23 Oct 2020 -
Levfin bankers optimistic as liquidity returns
Leveraged finance bankers coping with a slump in deal flow in Asia this year are gearing up for a bumper start to 2021, as a return of liquidity and growing interest from institutional investors for loans set the stage for a market revival. Pan Yue reports.
22 Oct 2020 -
Aero supplier Meggitt looks to sell US private placements
Aerospace and defence supplier Meggitt has entered the US private placement market, according to sources, on the hunt for at least $200m. Like others in the sector, Meggitt has struggled through the pandemic.
20 Oct 2020 -
UBS IB benefits from leveraged capital markets, IP sale
UBS's investment bank beat analyst consensus as capital markets revenue was up sharply year-on-year, while a sale of intellectual property rights resulted in a one-off gain, the bank showed in third quarter results on Tuesday.
20 Oct 2020 -
Sembcorp bags S$100m Sora-linked loan
More Singaporean companies are making the transition to a new local currency benchmark rate in preparation for the end of Libor, with Sembcorp Industries becoming the latest firm to raise a loan linked to Sora.
20 Oct 2020 -
Pan Brothers under pressure to meet loan refi
Indonesia’s Pan Brothers has requested Moody’s to withdraw its corporate issuer rating after a spate of downgrades this year, as the textile company struggles to put together a loan to meet some of its looming maturities.
20 Oct 2020 -
Closing primary window prompts leveraged credit rush
Leveraged companies or sponsors seeking financing are moving quickly to fund in the immediate aftermath of the November 3 US election. Monday morning saw more than €3bn-equivalent of new supply across high yield bonds and loans announced, across six separate issuers.
19 Oct 2020
