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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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Nine banks are set to lead the financing of Europe’s highest profile infrastructure acquisition this year — the €3.2bn sale of E.On’s Open Grid Europe gas network, which bankers said had attracted "very aggressive" bidding. Bond issues are likely to follow what will initially be a €2bn loan.
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Chinese companies have turned to the offshore loan markets in increasing size this year, driven in part by tight lending conditions on the mainland. But syndicate officials think a recent cut in bank reserve rates in the country will not cause big damage to offshore loan volumes — although they see only limited potential for syndicated deals.
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Metinvest steels itself for oversubscription
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Rock bottom loan margins in the Middle East are here to stay, said market participants, as corporates in the region increasingly see a competitively priced loan product as a bank's route into lucrative ancillary deals.
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Less than a fifth of participants in the syndicated loan market are optimistic about the prospects for deal flow improving over the summer months, according to a poll carried out by EuroWeek. Only 17% of those surveyed at www.euroweek.com/loans felt that the rate of acquisitions was picking up to create a solid pipeline of transactions to keep market participants busy over the next few months.
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Tower Bersama drew around $90m of demand in general syndication for its latest international loan, which will be worth $325m. That was on top of the $600m of commitments the company had already received from the bookrunners and senior-level lenders.