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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 growing sense of crisis in European loans cranked up another notch this week as senior bankers lamented the fact that profitability is failing to rise to offset the market’s plunge to an 18 year volume low. With their hopes of higher pricing and fees dashed and a meagre deal pipeline ahead, many lenders are losing faith that they will meet their 2012 budgets. Some fear job losses in their teams.
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Kazakh railway operator Eastcomtrans is expanding its April 2011 loan with a top-up financing of up to $120m. BNP Paribas returns as the sole bookrunner in the dollar-only deal.
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A growing number of companies are harnessing competition between the US and European loan markets to drag euro investors into the covenant-lite facilities they have long resisted.
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The loan market’s reception to Spanish construction and engineering company Abengoa, which has signed a €1.566bn refinancing loan, has surprised some bankers, who said they had not expected such a good result when the deal was first mooted.
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