杠杆贷款

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美国杠杆贷款市场承压 多笔交易被迫撤回
Zhi Tong Cai Jing· 2025-10-11 06:33
美国杠杆贷款市场压力持续加大,本周已有第二笔交易被撤回。此外,为了促成交易完成,其他多项交 易也不得不进行多处向投资者倾斜的调整。 据悉,最新的"受害者"是制药商Mallinckrodt。据知情人士透露,该公司于周五搁置了一项14.9亿美元的 贷款发行计划。这笔交易的撤回紧随本周早些时候特种化学品生产商Nouryon取消融资之后。数据显 示,自8月以来,已有8笔交易被迫撤回。 Mallinckrodt的贷款原本计划作为一项所谓的"再定价(repricing)"交易发行,此举将使其借款利率下调最 多0.75个百分点。该交易自周一开始推介,投资者原定需在周四之前提交认购意向。 过去几周,投资者对高风险债务的需求明显减弱,原因有多方面。首先,与并购和收购相关的债务发行 活动有所增加,为投资者提供了比"再定价"贷款更高的潜在回报。 此外,汽车零部件供应商First Brands Group在未能完成60亿美元再融资后宣布破产,也令部分投资者心 生恐惧。而对化工行业成本上升的担忧,则削弱了投资者对Nouryon融资项目的兴趣。 与此同时,数据显示,美国杠杆贷款的二级市场价格在过去两周几乎每天都在下跌。在其他交易方面, ...
巨变,等待突破!
Sou Hu Cai Jing· 2025-07-22 09:37
Group 1 - Gold prices surged over 1%, reaching a five-week high of $3401.41 before closing at $3396.91, with a slight decline observed in the Asian market [1] - The U.S. stock market saw the Nasdaq and S&P 500 indices hitting historical highs, with the Nasdaq briefly surpassing 21000 points, while the Dow Jones Industrial Average experienced a minor decline [2] - The trade issues have resurfaced as a focal point, with the White House reaffirming its stance on tariffs [3] Group 2 - As the August 1 deadline approaches, President Trump's trade negotiation stance has become more aggressive, with the U.S. Commerce Secretary stating that this date is a "hard deadline" for countries to start paying tariffs [5] - The European Union is considering a "nuclear option" in response to U.S. tariffs, which could involve significant retaliatory measures, including restricting U.S. companies from participating in EU public procurement [5] - The Federal Reserve's likelihood of a rate cut in July is nearly zero, with traders now believing there is over a 50% chance of a cut in September [7] Group 3 - Fitch Ratings has downgraded the outlook for 25% of U.S. industries to "deteriorating," predicting default rates for high-yield bonds and leveraged loans to rise by 2025 [8] - Wall Street institutions are increasingly optimistic about the U.S. stock market, with Goldman Sachs forecasting the S&P 500 to rise to 6900 points in the next 12 months [10] - Foreign capital is re-evaluating Chinese assets, with around 60% of Middle Eastern sovereign wealth funds planning to increase their allocation to Chinese assets, particularly in the technology sector [11] Group 4 - Recent developments in the Russia-Ukraine conflict include a large-scale airstrike by Russia, which involved 426 drones and 24 missiles, resulting in casualties [14] - The Russian Defense Ministry reported intercepting 74 drones, including those targeting Moscow, amidst ongoing tensions and preparations for a third round of negotiations [15][16]
高盛(GS.US)、花旗(C.US)等银行启动74.5亿欧元债务发行 为CD&R收购赛诺菲(SNY.US)子公司融资
Zhi Tong Cai Jing· 2025-03-21 12:26
Core Insights - Goldman Sachs (GS.US) and Citigroup (C.US) have initiated a €7.45 billion (approximately $8.1 billion) debt issuance to finance Clayton Dubilier & Rice (CD&R)'s acquisition of Sanofi (SNY.US) subsidiary Opella [1][2] - The debt issuance consists of €5.45 billion in euro and dollar leveraged loans and €2 billion in bonds, with an additional €1.2 billion revolving credit facility, bringing the total financing to €8.65 billion [1] Group 1 - The global coordinators for this financing include Goldman Sachs, Citigroup, BNP Paribas, Morgan Stanley, Barclays, HSBC, and Société Générale [1] - The pricing for the euro portion is set at 350 basis points over Euribor, while the dollar portion is priced at 325 basis points over SOFR [1] Group 2 - CD&R's acquisition of Opella, valued at approximately €15 billion, is one of the largest transactions in Europe last year, highlighting the banks' eagerness to fund leveraged buyouts, which are among the most profitable deals in the financial sector [2] - The current economic uncertainty caused by President Trump's trade war has led many European and American companies to pause their plans to enter the higher-risk loan market [2]