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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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Mercuria Energy Trading signed a $755m revolving credit facility this week, finding demand from numerous banks for a deal that defied the weak appetite for lending as the end of the year approaches.
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Standard Chartered is offering more than $1bn of Indian loans in the secondary market, according to an axe sheet seen by EuroWeek Asia this week. The bank joins a host of other lenders that are reducing their exposure to outstanding Asian deals.
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Dutch insurance firm Aegon (A3/A/A) hopes to receive commitments for a €2bn five year refinancing facility by Christmas, completing the transaction when the market returns after the New Year break.
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Eden Springs, the water cooler manufacturer, has signed a €150m five year credit facility to finance future acquisitions.
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Covenants on Russian deals have “quite a lot” of headroom for companies to underperform, said a loans banker on Wednesday, after it emerged that steel firm Rusal was in talks with its banks about covenants on its $4.75bn pre-export financing. The talks were confirmed by a banker on the facility, which was completed in October.
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Qatari gas project Barzan has seen such a strong reception in general syndication that some banks have had the chance to scale back commitments by 40%, said a banker close to the deal.