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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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Volvo Treasury on Wednesday signed a €1.2bn five year revolving facility to replace a $1.4bn line maturing in May next year. The Baa2/BBB+ rated borrower saw its facility, priced at 85bp, oversubscribed during syndication in what one banker close to the deal called a "straight-forward" process after the currency of its back-up line was switched to dollars.
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FCC builds bank group for €438m refi
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Despite boasting a bookrunner group with access to cheap dollar funding, Standard Bank of South Africa is looking to attract European lenders into syndication by paying a steep premium on its latest loan facility, which is denominated in the US currency.
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Banks will step away from corporate lending and international expansion, due to rising costs in the unsecured funding market and regulation that will make them more competitive in their home markets, analysts at Morgan Stanley and Oliver Wyman said in a report published this week.
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Henkel, a producer of industrial, commercial and consumer care products, signed an €800m five year plus one plus one revolver this week as the first of a series of German borrowers expected to push the tightest end of pricing available in the syndicated loan market.
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The bookrunners on Iceland Foods’ £885m leveraged loan have cut the borrower’s interest rates and increased the size of the sterling tranche after finding strong demand across both the sterling and euro tranches of the £550m (equivalent) term loan ‘B’.