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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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PetroVietnam Exploration Production Corp has closed syndication for its five year loan, and has made the decision to increase the deal to $300m. The bookrunners are now planning to sign the loan before the end of the year.
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TEVA Pharmaceuticals, an Israel-based drug company, signed a new $3bn five year unsecured revolving credit facility on Tuesday that replaces its existing smaller loan.
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US lenders have capitalised on deleveraging banks to increase their share of the European syndicated loan market for the fourth consecutive year, according to Dealogic. Meanwhile, global syndicated loan volumes are down by 26% year-on-year with the Europe, Middle East and Africa (EMEA) market taking a bigger hit than its US and Asian peers.
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Russia’s Vnesheconombank (VEB) has shaved 5bp off the amount its peers paid for loans to sign an oversubscribed $800m three year club deal at 185bp all-in.
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Mobile telecommunications company Zain Saudi has once again extended the payment deadline of the outstanding Sr9bn ($2.4bn) on a Sr2.75bn murabaha financing as a refinancing deal remains elusive. This is the fifth time the firm has deferred payment.
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Emirates Integrated Telecommunications Company (Du) has signed a $100m three year facility from DBS Bank.