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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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Turkish borrower Akbank signed its $1.45bn-equivalent refinancing this week, with 46 banks lending to the deal even after bankers had complained that the 135bp all-in margin was too tight. The success of the deal has resigned lenders to the near certainty that the incoming wall of Turkish bank refinancings will be priced at the same level.
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Leveraged loan investors this week predicted bid prices in the European secondary loan market would continue to rise further amid poor primary supply, as German safety technology company Bartec became the latest deal to benefit from strong syndication conditions by improving its borrowing terms.
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Lonmin will breach the covenants on its loan facilities after violent unrest at its South African platinum mine disrupted production for several days.