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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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European Directories, the Dutch directories business, has announced a €631m cut in its debt as part of its second restructuring, which is slashing the company’s debt to Ebitda ratio from 9.6 times to just 2.8. Debt now totals €262m.
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Credit Bank of Moscow has signed its largest ever loan after increasing the size of its one year deal from $260m to close at $308m.
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Nigeria’s United Bank Africa has received pitches from banks for a syndicated loan and bond totalling around $1bn.
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Turkey’s Finansbank has overcome bankers’ concerns about where its loans trade in the secondary market to sign a $464m-equivalent one year refinancing facility. But research out this week warns Turkish banks that even with regular trips to the syndicated market, their own loan books are far outstripping funding supplies and creating liquidity risk.
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Bahrain Telecommunications (Batelco) has hired BNP Paribas and Citi to arrange a term loan and bond issue totalling up to $1bn.
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Standard Chartered has appointed Rajat Sapra as its new regional head of capital markets for the Middle East and North Africa (MENA) following the departure from the bank of Steve Perry.