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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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Pan African soft commodities trader Export Trading Group (ETG) has signed a $250m one year secured loan to fund the firm’s expansion into West Africa and to purchase agri-commodities.
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German retail group Tengelmann Warenhandelsgesellschaft has closed a new €300m revolving credit line, refinancing a €440m deal maturing later this year.
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German clothing retailer and former LBO name Tom Tailor has raised €450m of loans from five banks to support its acquisition of fellow German fashion retailer Bonita and refinance an existing loan just four months after it was signed.
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As bank ratings sink ever lower, profits from lending are getting harder and harder to achieve. Only a reduction in the number of lenders participating in the sector can bring about real change.
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Market participants are confident that syndication of the €462.5m of loans backing Silver Lake and Partners Group’s buyout of tax-free shopping technology business Global Blue will close, despite the arrangers having flexed the margins upwards by 25bp.
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Chinese companies are in discussions with their local bankers about foreign currency loans they can now send offshore, following a change in rules earlier this month. That has sparked fear among some bankers outside of the country, who think they will now face a tougher time originating deals from Chinese borrowers.