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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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The government of Ghana has signed a dual tranche facility totalling around $191.6m from a syndicate of international banks, making it the second African state to tap the loan market since August.
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Mercuria Energy has added its name to the list of commodities companies turning to Asian loans bankers this year, launching a $500m deal that will refinance part of an old loan. In a concession to changing market conditions, the borrower has increased the level it is willing to pay compared to last year’s deal.
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Nestlé, the Swiss foods group, has completed the refinancing of its 364 day credit facility with a new one year deal priced with a margin of just 10bp, flat to the level it achieved last year, as pricing across the rest of the EMEA syndicated loan market rises sharply.
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The steady fall in Asian syndicated loan volumes is fuelling concern among some smaller lenders that the laws of supply and demand will hit them hard — and push down the margins that borrowers are willing to offer.
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The impasse in the leveraged loan market between deal-hungry investors and deal-poor private equity funds is about to be broken by a new rash of aggressive transactions.
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Indian conglomerate Reliance Industries managed to attract demand from more than 28 lenders for its latest loan, despite pushing for a long maturity when other borrowers from the country are turning to the central banks to get permission to sell shorter-dated deals.