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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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Taiwanese banks have returned to the loan market in force this year, making huge commitments that in many cases they do not want to be fully allocated. This is reigniting fears that they could once again be left exposed to fluctuating interbank rates — but as long as they stick together, they can avoid the problems of the past.
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Chailease Finance’s $100m three year loan has already got a good response from lenders, only a week after launching into syndication. Most banks are still considering the deal, but the bookrunners appear to have lined up at least one MLA to join soon.
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Vietnamese state-owned shipbuilder Vinashin’s latest fix for its default on a $600m syndicated loan looks likely to gain the approval of its creditors, according to a banker familiar with the deal.
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US commodities group Cargill has launched a new $1bn 364 day revolver to be marketed across Europe and Asia, mandating seven banks to lead the deal.
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Russian aluminium producer Rusal cannot rule out the possibility extending its covenant holiday that is due to end in January 2014, the firm’s chief financial officer Evgeny Kornilov told EuroWeek. But it is still unlikely to do so.
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Emerging market lenders’ fears were realised on Thursday after two of Turkey’s top tier banks confirmed that they are planning to use their spring refinancing loans to undercut the 125bp all-in price paid by Garanti in November.