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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 leasing arm of Turkey’s Garanti Bankasi has signed a dual currency $75m-equivalent murabaha from eight banks after a six year break from the syndicated loan market.
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The number of investors looking at buying loan portfolios is increasing, and the discounts they are negotiating are falling, according to a survey that should cheer Europe’s capital-hungry banks.
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German bathroom and kitchen fittings company Grohe increased the size of its dual-currency covenant-lite term loan by €75m to €375m on the back of strong demand from investors this week. However, rating agency Fitch has predicted the mini-comeback of the borrower-friendly terms will not become a long-term phenomenon.
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Japanese lenders have seized on the opportunities created by deleveraging European rivals to grow their overseas loan books by more than 20% in the last 12 months.
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Private equity firms are still able to pull off terms in central and eastern Europe that would be considered very aggressive in western Europe, said bankers, despite some international lenders withdrawing from the market in the past 12 months.
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It has taken eight long months, but French building materials company Materis has now completed its amend and extend process after the Wendel-owned business secured the consent of lenders to push out the maturities of €1.9bn — 91% — of its €2.2bn loans.