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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 syndication of a leveraged loan in Europe with public flex terms may be one step closer after CVC and ValueAct Capital Partners withdrew from the bidding for UK banking software firm Misys — leaving private equity firm Vista Partners a clear path to acquire the company.
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ED&F Man increases revolvers to $1.93bn UK commodities broker ED&F Man has signed two loan facilities totalling $1.93bn, replacing $1.684bn of outstanding loans.
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The European leveraged loan market sparked memories of the LBO boom years of 2005-2007 this week with the remarkably successful syndication of the debt package backing the buy-out of Iceland Foods.
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Some 60% of syndicated loans market participants believe that cheap funding from the European Central Bank’s long term refinancing operation (LTRO) is creating a bubble in the bank lending market that is masking a long term problem about banks’ access to liquidity.
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Russian-focused lenders have been left scratching their heads as they try to decipher the reasons behind moves by Siberian Coal Energy Co (Suek) and oil firm Rosneft to raise new internationally syndicated debt just six months after taking $3.3bn out of the market.
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The strong tone around Saudi Electricity Company’s $1.75bn debut international sukuk issue last week carried over to the start of this week, with the company agreeing a $1.4bn loan with a group of international banks.