Prakash Chakravarti is a senior writer with Thomson Reuters/IFR/LPC, where he has worked for nearly 12 years in several senior positions. He has written extensively on Asian loan markets, including contributing to books and management reports, and been instrumental in the events and conferences organised by IFR relating to capital markets in the region. He has also covered other asset classes such as bonds and equity, and written about trends in commercial and investment banking and capital markets in Asia.
A bidding war for Australia’s Treasury Wine Estates is set to test the US leveraged loan market, which is in the throes of a market correction sparked by huge high-yield bond outflows that have caused several Asian borrowers to postpone US financings or sweeten terms in recent weeks.
Port operator International Container Terminal Services has set the ball rolling for Asian borrowers with an innovative loan programme aimed at streamlining loan origination and harmonising covenants and terms across its capital structure.
A dozen lenders are tipped to win the mandate for the loan component of Tata Steel subsidiary Corus Group’s US$7bn refinancing exercise, which also includes a US$1.2bn bond offering.