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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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Australian logistics company Bis Industries has taken to the syndicated loan market for A$950m ($1bn) of fundraising, tempting investors with a 350bp margin that bankers think will be more than enough to attract strong demand.
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The four largest economies in central and eastern Europe should easily be able to meet their combined borrowing requirement of around €86bn this year, according to a new assessment by Fitch Ratings.
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China Zhongwang, an aluminium products company, has successfully concluded its first attempt at overseas fundraising since it listed three years ago, racking up commitments from 15 banks for a heavily in demand $200m three year loan.
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German auto parts maker Continental is set to sign a €4.5bn refinancing imminently. Bankers hailed the deal as setting a pricing benchmark for crossover borrowers in 2013.
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A €5bn revolving credit facility launched by Italian utility Enel has offered loans bankers a glimmer of hope that a spate of borrowers could refinance upcoming maturities very early. Enel’s new loan is intended to replace a €10bn line that does not mature until April 2015, writes Nina Flitman.