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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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If leveraged loans bankers wanted investors to exercise more discipline, their hopes were satisfied this week as pushback from institutional investors stalled UK retailer Iceland’s plans to slash the margins on the term loan ‘B’ portions of its buyout loans.
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Egypt’s East Delta Electricity Production Company has agreed a $110m four year murabaha financing with local banks. Bank Audi, Banque Misr, Baraka Bank, Egyptian Gulf Bank and the National Bank for Development participated in the transaction.
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Russian oil firm Rosneft has increased the second portion of its TNK-BP acquisition loan facility from $13bn to $14.2bn after Bank of China joined the deal.
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Emerging market lenders are facing a double whammy from Turkey this week, after Akbank launched a $1.2bn-equivalent refinancing deal split across one and two year tranches with punchy pricing at 100bp and 125bp all-in, respectively.
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The $150m loan for Chinese television maker TCL Multimedia Technology Holdings is expected to receive a strong response lenders, who bankers think will be attracted by pricing of 241bp over dollar Libor.
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Indonesian conglomerate CT Corp’s $750m three year loan has attracted plenty of interest from small lenders, and the bookrunners expect commitments to roll in by next week.