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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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Dubai government-owned Jebel Ali Free Zone (Jafza) is pushing ahead with plans for a syndicated loan, thought to be for around Dh3.3bn ($900m). This represents the first component of a three-part financing plan that Jafza submitted to creditors last week as it looks for a way to repay a Dh7.5bn sukuk maturity in November.
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Bankers across the syndicated loan market are not confident of a resurgence in activity before the end of the year after volumes in EMEA in the first quarter fell 57% year on year to hit the lowest levels recorded in 18 years.
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Mizuho Corporate Bank has attracted a handful of banks to a selldown of a $500m dual-tranche loan that it provided to Korea Development Bank last year.
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Changes to the UK Takeover Code brought in last September are now stepping up the pressure on the traditionally opaque private equity industry to open itself up to public scrutiny. The changes, which require full disclosure of the all the finance documents used to carry out takeovers of companies listed on the London Stock Exchange, add to the growing sense of a private equity industry that is under siege from all sides — regulators, politicians and investors.
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Noble Group has returned to the international loan market with a $1.5bn deal, and will be on the road over the next few weeks to drum up demand. Funding officials from the company will pitch the deal to potential lenders in Hong Kong and Singapore in the middle of April, and have already met potential investors in the US and the UK.
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A select group of banks are working with Bain or Lion Capital on the financing of a potential buy-out of French optical goods business Alain Afflelou, which has Ebitda of €70m-€75m. Final bids for the company are due at the end of April.