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Despite the allure of lower loan prices, CLO managers should print deals cautiously
Software loan sell-offs and the Iran war have caused US and European loans to price differently
Leveraged loans in stressed sectors like software carry refinancing risk
LBO financing includes $5.75bn term loan to be priced early next week
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Russia’s export credit agency (ECA) Exiar has teamed up with VTB Bank to provide financing totalling at least Rb100bn ($3.12bn) to Russian exporters.
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Russian natural gas producer Novatek is aiming for a May signing of its self-arranged five year loan, according to loans bankers.
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KCA Deutag, the Scottish drilling contractor, has dropped plans for a covenant lite term loan to be marketed in the US after demand fell below expectations. It has instead approached its lenders for consent to price $500m-$600m of high yield bonds sitting pari passu with its existing bank debt.
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The return of the European CLO market has taken another leap forward after the successful pricing of two new CLOs in a week. With spreads in the debt tranches of the three CLOs sold this year getting consecutively tighter, CLO specialists expect other big CLO managers will be lining up deals.
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A new private debt fund hopes to entice institutional investors into emerging market loans, but banks must be at the forefront of teaching these newcomers how the market works.
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Bankers working on shoemaker Pou Chen Corp’s NT$10bn ($334m) five year loan have signed the deal and finalised the allocations, after receiving commitments from a large consortium of lenders, many of which pledged chunky amounts.