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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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Asia’s bank lenders and corporate borrowers are going through a rough patch in their relationship. Bickering on price has led to estrangement and a lack of deals. But absence makes the heart grow fonder — especially when corporates’ affair with the bond market turns sour, as it seems to be doing. Expect companies and lenders to kiss and make up soon.
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Polish state-owned oil firm PKN Orlen has raised a $403m one year loan to move a cavern of crude oil equal to around 3.7m barrels off its balance sheet.
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Vietnamese companies are coming to the international borrowing markets en masse, turning to bond and equity-linked investors, as well as international lenders, to meet their offshore funding plans.
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Asian loans bankers had a terrible first quarter, as borrowers moved to the bond market to meet funding plans, while those who did stay in the loan market pushed for more bilateral and club deals. But conditions will start to improve over the next six months, said bankers.
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Iceland Foods’ £550m equivalent term loan ‘B’ has gone free to trade after investors recommitted to the euro tranche of loan at the reduced margin of 500bp. The sterling portion of the term loan ‘B’ has also been increased for a second time — by £15m to £265m — with a corresponding decrease in the euro piece from €371m to €353m.
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French food services company Elior has raised a €200m term loan from over 15 institutional lenders to fund its acquisitions of Gemeaz Cusin and Groupe Ansamble. Bookrunner Nomura allocated the facility, which was bought by new and existing lenders, on Tuesday morning with a margin of 500bp and an OID of 98.