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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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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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A €2bn five year syndicated loan from Hochtief has been almost 20% oversubscribed after the borrower flexed the pricing when its parent company also launched a loan.
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Finnish energy company Pohjolan Voima Oy (PVO) has replaced its outstanding €400m multicurrency seven year revolver maturing in July next year with a new €300m deal.
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Foreign direct investment into the Middle East and North Africa has plunged a year after the Arab Spring began, according to a new report by the World Bank’s insurance arm the Multilateral Investment Guarantee Agency (Miga). But even as European banks and multinational corporates pare back, stable regimes in the region are offering hope as bankers search for deals.
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The leveraged loan investor base needs to diversify as CLOs disappear and banks reduce loan exposure, Standard & Poor’s said this week, because the high yield bond market will be unable to supply all the capital that companies are seeking. The rating agency identified the retail investor community as the main area of potential growth for raising capital for leveraged loans.
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Russian aluminium firm Rusal has claimed that it can reach all the requirements of its credit facilities even though it is in negotiations with its lending group for a covenant holiday.