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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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Hong Kong’s interbank market tracks its counterpart in the US, reflecting the peg of the local currency to the US dollar. But rising loans threaten a dislocation between Hibor and Libor rates — and banks should take a cautious approach to their lending for the rest of the year.
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The European loan market lost its largest M&A deal of the year after UK security firm G4S pulled out of its bid for Danish services company ISS. Deutsche Bank, HSBC and RBS had underwritten €4.1bn of euro loans and £1.33bn of sterling to support the acquisition.
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Hong Kong bankers have been waiting for the offshore renminbi market to become more than a sideshow for some time, and hoped an offshore renminbi interbank rate might do the trick. But this rate is still some time away, and even when it comes it might not be the panacea the market is hoping for.
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The polls are now open for EuroWeek’s syndicated loans and leveraged finance awards 2011. -
Siberian Coal Energy Company (Suek) signed its $1.3 billion five year pre-export financing last week as the first Russian borrower to have braved the widening margins on offer for emerging market borrowers.
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Private equity firm Oaktree’s central European drinks group Stock Spirits has signed a €220m refinancing with a club of nine banks. The facility comprises €170m of term loans and a €50m revolving credit facility, which mature in 2017 and 2018.
