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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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Fitch Ratings said today that the European leveraged loan market needed 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.
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Chinese construction machinery maker XCMG has had a blow-out response to a dollar loan that it will sign next week, finding around $600m of demand for a deal that will now be worth $280m, a big increase from what the company originally planned.
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Indonesia’s finance ministry has sent a request for proposals to bankers for three separate loans, which the country will use to bolster its military spending, asking for around $628.3m of financing.
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Indonesian car company Indomobil has got $194.8m of commitments, including those from the bookrunners, after a delayed syndication that gave lenders extra time to consider its latest dollar deal. The leads are still deciding how much to sell down.
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South Africa’s energy sector looks set to get financing assistance of up to $2bn from the Export-Import Bank of the United States (US Exim) after the US firm signed a declaration of intent (DOI) with the state-run Industrial Development Corp of South Africa.
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Hungarian oil and gas firm MOL has sent out a dual request for proposals (RFP) for two club loans —one for itself and another for its Croatian subsidiary INA.