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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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Bankers have welcomed the loan facilities launched by UK security firm G4S this week to support its 100% acquisition of Danish cleaning, security and catering company ISS for £5.2bn.
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Asia’s equity and debt capital markets enjoyed a brief return to health this week, following a widespread fall in global markets the week before, but loans bankers had no such luck.
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The acquisition of Danish cleaning company International Service System by G4S would trigger a jumbo prepayment into the leveraged loan market. ISS is one of the most widely-held names among CLOs, and the prepayments would free up liquidity that could support new primary deals before more CLO reinvestment periods expire.
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Most bankers across the EMEA syndicated loan market expect the volume of deals launched in 2012 to fall, but the majority of loans desks will either maintain or increase their budgets from their 2011 levels.
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HSBC and UniCredit have joined the underwriting group on a $1.5bn five year loan for Russian metals company Norilsk Nickel.