A series of high-profile leveraged finance deals from the US combined with an upturn in homegrown deals is providing some much-needed action for the European leveraged finance market. At least €16.5bn of M&A-related issuance is on the way and should help satisfy demand from CLO platforms coming off a record 12 months and set for another year of plenty.
Thames Water has still not published the 2022/23 and 2023/24 impact reports it promised its green bond investors and is also yet to explain how it used the proceeds of its €1.65bn dual-tranche green offering issued in January 2023.
The European Bank for Reconstruction and Development and the African Development Bank are set to deepen the nascent market for multilateral development bank securitisation with landmark deals in the new year.
Embattled property developer China Vanke’s failed attempt to extend the maturity of an onshore bond has further dented market sentiment, as investors worry about signs of weakened government support for the sector.
Parent of India's OYO plans up to US$1bn IPO filing
Indian travel technology company Prism, owner of travel aggregator OYO, plans to confidentially file for an up to US$1bn IPO in the first quarter, people with knowledge of the transaction said.
Port of Rotterdam Authority has sold what a major investor said was the first corporate bond whose proceeds will be used exclusively for carbon capture and storage. Formally known as Havenbedrijf Rotterdam N.V., the issuer will use the €50m note to fund its CCS initiative, known as Porthos.
OneRobotics (Shenzhen) has priced its Hong Kong IPO at the upper half of the range at HK$73.80 per share to raise HK$1.6bn (US$206m), people with knowledge of the matter said.
S&P has downgraded China Vanke to SD from CCC– as it views the property developer's extension of a grace period for an onshore bond as a distressed debt restructuring.
India's ASG Eye Hospital is planning a US$400m–$500m IPO next year and is in the process of finalising the syndicate, people with knowledge of the transaction said.
South Korea has introduced measures to encourage investors to move capital onshore to support the Korean won and address imbalances in the foreign currency market..
Robey Warshaw revenue dipped to £55m in final year
Robey Warshaw's five partners shared £36.2m in profit in its last financial year, although revenue at the boutique UK investment bank fell 35% to £55.5m for its last year before its takeover by Evercore.
Oracle makes new pledge on soaring debt in a bid to halt brutal selloff
Oracle has pledged to do everything it can to preserve its investment-grade rating, as the cloud computing provider seeks to assuage increasing nervousness over the gargantuan amounts of debt it is taking on to fulfil commitments made to hyperscaler clients such as OpenAI.
Investment banking fees are up 10% from a year ago and set for their second best ever year, thanks to record revenue from debt underwriting and a resurgence in M&A and equity capital markets that picked up pace at the tail of the year to bode well for 2026.
Port of Rotterdam Authority has sold what a major investor said was the first corporate bond whose proceeds will be used exclusively for carbon capture and storage. Formally known as Havenbedrijf Rotterdam N.V., the issuer will use the €50m note to fund its CCS initiative, known as Porthos.
S&P has downgraded China Vanke to SD from CCC– as it views the property developer's extension of a grace period for an onshore bond as a distressed debt restructuring.
Dalian Wanda Commercial Management has obtained creditors' consent to extend the maturity of its US$400m 11% February 2026 bond by two years to February 13 2028.
Swedish real estate company Castellum failed to get approval from bondholders for a consent solicitation on two euro notes, creating a roadblock in the company's plans to refocus its portfolio.
Pakistan has secured guarantees from multilateral development banks for its Panda bond programme, with the inaugural US$250m tranche now slated for January, said Omer Khan, debt management adviser to the finance minister.
The European Bank for Reconstruction and Development and the African Development Bank are set to deepen the nascent market for multilateral development bank securitisation with landmark deals in the new year.
Blackstone has priced its sixth CMBS issue of the year, a £443m transaction backed by logistics assets. Investor sentiment toward the sector remains constructive, as seen when DBMS 2025-1 DAC landed with a weighted-average margin of 172bp over Sonia, matching the tightest spreads seen on a UK CMBS this year.
Sumitomo Mitsui Banking Corporation has completed its first synthetic risk transfer in Asia Pacific, highlighting an instrument that is becoming more relevant to banks in the region.
Another record year forecast for European structured finance
Europe’s structured finance market is expected to be underpinned by favourable lending conditions across the region in 2026 with a broader mix of issuers and collateral types, after enjoying record volumes this year.
Europe’s securitisation market is closing 2025 at its strongest level since the global financial crisis, with placed issuance estimated at around €160bn, ahead of another busy year expected.
Port of Rotterdam Authority has sold what a major investor said was the first corporate bond whose proceeds will be used exclusively for carbon capture and storage. Formally known as Havenbedrijf Rotterdam N.V., the issuer will use the €50m note to fund its CCS initiative, known as Porthos.
Thames Water has still not published the 2022/23 and 2023/24 impact reports it promised its green bond investors and is also yet to explain how it used the proceeds of its €1.65bn dual-tranche green offering issued in January 2023.
The European Bank for Reconstruction and Development and the African Development Bank are set to deepen the nascent market for multilateral development bank securitisation with landmark deals in the new year.
Fashion group Hugo Boss has signed a €600m, five-year revolving credit facility with 11 banks, which replaces the borrower's equally-sized RCF placed in November 2021.
Singaporean multi-modal transport operator ComfortDelGro has obtained two green loans totalling S$160m (US$) from DBS Bank and United Overseas Bank to support the purchase of new electric buses for its operations in the UK.
Parent of India's OYO plans up to US$1bn IPO filing
Indian travel technology company Prism, owner of travel aggregator OYO, plans to confidentially file for an up to US$1bn IPO in the first quarter, people with knowledge of the transaction said.
OneRobotics (Shenzhen) has priced its Hong Kong IPO at the upper half of the range at HK$73.80 per share to raise HK$1.6bn (US$206m), people with knowledge of the matter said.
Chinese data infrastructure and analytics company Shenzhen Xunce Technology has priced its Hong Kong IPO at the bottom of the range at HK$48 per share to raise HK$1.08bn (US$139m), said people with knowledge of the matter.
Streaming behemoth Netflix has swiftly moved to take out a portion of the mammoth US$59bn 364-bridge loan that had supported its planned US$82.7bn acquisition of Warner Bros Discovery’s TV and film studios and streaming division.
Keurig Dr Pepper takes €10.35bn loan for JDE Peets buy
Beverage company Keurig Dr Pepper has entered into a €10.35bn (US$12.17bn) 364-day delayed-draw term loan to support its approximately €15.7bn acquisition of Dutch coffee company JDE Peet’s.
Booming European CLO market attracts new investors
Europe’s CLO market is continuing to build momentum, attracting a broader range of investors and setting the stage for another strong year of issuance in 2026, according to market participants.
A series of high-profile leveraged finance deals from the US combined with an upturn in homegrown deals is providing some much-needed action for the European leveraged finance market. At least €16.5bn of M&A-related issuance is on the way and should help satisfy demand from CLO platforms coming off a record 12 months and set for another year of plenty.
Sizeable direct lenders in Europe have responded to banks winning deals from large-cap issuers by joining the throngs in the crowded mid-market arena, accelerating spread compression for smaller borrowers.
IFR hosts a comprehensive programme of conferences, seminars and roundtables throughout the year, providing authoritative insight into the trends and outlooks for specific regions and asset classes.
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