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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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Two deals brought supply to the leveraged loans mid-market this week as LBO mandates were signed for Providence Equity Partners’ buyout of German TV shopping channel Home Shopping Europe (HSE24) from Axa, and Montagu’s take private of St Hubert, the margarine maker being sold by Dairy Crest.
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A recent increase in foreign currency borrowing from India has not made loans bankers less bearish about the potential for business from the country for the rest of the year. But the tough conditions could have a positive side, by making Indian government officials more flexible with offshore borrowing rules.
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Indonesian car company Indomobil plans to delay the final commitment date of a $70m loan, giving more banks time to gain credit approval for the deal. But the company has not yet made a firm decision on when the new commitment deadline will be.
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Volume-starved emerging market lenders this week allowed themselves a sliver of hope for the second half of the year as two of Russia’s biggest oil players, Rosneft and TNK BP, sounded out their banking groups for new loans.
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A flurry of M&A deals this week has brought much-needed hope to syndicated loan and ECM bankers that volumes of event-driven financing could take off over the second half of the year after a dearth of takeover transactions during the first six months of 2012, writes Nina Flitman.
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Nestlé reported a 100% hit rate during syndication of its 364-day bridge loan backing its takeover of Pfizer Infant Nutrition, leading the borrower to increase the line from a planned $7.4bn to $8.5bn.