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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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At last some good news for the European loan market. The Basel Committee has reduced the amount of high quality liquid assets that must be held against loan facilities as part of its liquidity coverage ratio (LCR).
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Bankers on a $1.4bn loan for Melco Crown Entertainment are still eyeing more banks to join the deal before closing syndication next week. But they have already managed to line up $500m of commitments from 11 banks, bringing the financing of the Macau casino company’s latest project near to a successful close.
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With a new year come new resolutions, and the Reserve Bank of India has started off 2013 with a good one, further loosening some of the restrictions hampering Indian infrastructure firms looking for deals in the international loan market. But the change, albeit positive, may not lead to a big rise in offshore loans from the country.
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Beleaguered Danish shipping firm Torm will breach its covenants again if the difficult tanker and bulk market conditions of 2012 drag on, it has announced. Having completed a substantial debt restructuring last November, it said it might have to do another one.
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Trafigura has launched a $3bn syndicated facility flat to the 125bp margin that was deemed aggressive in 2012, as bankers across the market brace themselves for a competitive year.