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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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Despite widespread predictions of a steady increase in margins this year, the investment grade loan market is stubbornly resisting calls to price deals higher.
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Philippine Airlines plans to raise around $50m from offshore lenders, after asking Credit Suisse to increase the size of a bilateral loan it signed last year. The deal offers potential lenders a novel structure — an amortising deal that pays a steady stream of receivables from credit card bookings for the airline’s flights.
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A bank meeting on Thursday morning to discuss the €700m loan backing DS Smith’s takeover of SCA Packaging was well attended, according to a market participant working on the deal.
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Dollar funding premiums that were introduced to the syndicated loans market last year to make up for European banks’ struggles to access dollar financing are set to become commonplace over the first few months of 2012.
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European banks are digging in to push up the pricing on Russian loans by 50bp-100bp, said market participants this week. But some warned that this will lead to a delay in deals being signed.
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Renminbi deposits in Hong Kong declined in December to Rmb588.5bn ($93.3bn), a 6.2% drop from the previous month. It was the second fall in deposits in three months, after an almost unbroken growth period for the last two years.