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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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Turkey’s Sekerbank has closed a dual currency refinancing facility worth $87.6m in a deal that has slashed 20bp off the margin of last year’s loan, according to a statement on the Istanbul bourse.
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Avoca Capital Holdings, a €6bn sub-investment grade fund management specialist, has hired a convertible bonds team and plans to launch its first fund targeting the asset class early next year. It is making the move into CBs ahead of what some predict will be a busy 2012 as high yield corporates struggle to refinance loans from a capital-constrained banking sector.
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Banque PSA, the sales financing arm of carmaker Peugeot, has completed its €2bn three-year syndicated revolving credit facility that is priced at 160bp over Euribor.
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Citigroup, Credit Suisse, Nomura and UBS are arranging the debt backing Apollo’s buyout of Belgian chemicals firm Taminco, and syndication of the loans will be led from the US.
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French borrower Vivendi has increased the margin on its five year loan up 10bp to 85bp, with the pricing concession from the notoriously aggressive borrower illustrating just how quickly conditions in the syndicated loan market are deteriorating.