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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 European leveraged loan market needs to follow its US sister’s lead on transparency if it is going to attract the non-bank capital necessary to support the market when the CLO and bank bid deteriorates by 2014, according to Fitch.
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Dutch aviation services unit Fokker’s €200m of senior loans were allocated on Wednesday night at an original issue discount of 96. By Thursday’s close, they were seen at 96-97 as positive momentum continued in the European leveraged loan market.
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Quite a lot for not very much: this is how corporate treasurers are starting to view the fees they pay out to banks to raise money for them in the capital markets. With corporate paper in such demand, and companies already well connected to investors, banks will have to work harder than ever to justify their place in the food chain, writes Nina Flitman.
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Qatar National Bank (QNB) this week shrugged off some bankers’ concerns that it priced its loan too tightly, signing an oversubscribed $1.8bn three year unsecured term loan.
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German clothing retailer Tom Tailor has increased the size of its acquisition facilities by €25m to €475m after syndication of the loan closed oversubscribed.
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If angry lenders are looking for someone to blame for Isbank’s attempt to undercut the Turkish FI pricing benchmark, they should begin by looking close to home.