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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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The recent success of a A$700m ($723.5m) loan from Nine Entertainment — which gave bankers a rare example of a reverse flex in Asia Pacific — has sparked fear in some quarters that last-minute cuts in margins could become a feature of the region’s loan market. But most bankers think that this is one trend they will be able to resist, writes Rashmi Kumar.
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Loan market veteran Adrian Walker has joined Goldman Sachs as an executive director in the fixed income currency and commodities emerging market structuring team.
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Morgan Stanley’s head of CEEMEA loan syndicate in global capital markets, Paul Cox, has left the bank. He left the job last week, said a banker at the US firm. A spokesperson for the bank declined to comment.
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Syndicated loans bankers have warned borrowers from peripheral Europe that now may be the best time in 2013 to lock in financing for maturities due in the next 18 months.
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Emerging market lenders are bracing themselves for a pricing plunge. Two of Turkey’s top tier banks confirmed on Thursday that they are planning to use their spring refinancing loans to undercut the 125bp margin and fees benchmark paid by Garanti in November and demand as low as 100bp all-in.
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Bankers leading Power Finance Corp’s $250m four year loan have added two more banks at the senior level and will launch the deal into general syndication over the next two weeks.