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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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Credit Bank Moscow has completed a $131m A/B structured loan from the IFC and more than a dozen international commercial banks.
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Austria’s Voestalpine, the steelmaking firm, has wrapped up its debut syndicated loan, signing a €800m five year deal with 11 relationship banks. Crédit Agricole and UniCredit co-ordinated the facility, which was oversubscribed but not increased.
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European banks are going to continue scaling back their lending next year, forcing Asian companies to turn to the bond and equity markets in greater numbers, according to a report by Barclays Capital on Wednesday. But some lenders could benefit from the scale back by their local rivals.
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Ukrainian steel credit Metinvest is looking to raise up to $12bn over the next decade, with bank debt set to play an important role.
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Sanofi-Aventis, the pharmaceutical firm, has managed to cut the size of the bank group on its new €3bn facility, but demand for the A1/AA-/AA- rated company’s paper has meant that some banks have also joined the syndicate.
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French supermarket chain Carrefour’s €1.5bn five year revolving credit facility was healthily oversubscribed in syndication, said bankers, despite a challenging market. Some 20 of the Baa1/BBB+/BBB+ rated company’s relationship banks this week signed into the transaction, which has a margin of 75bp and refinances a deal of the same size completed in July 2005.