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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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Russian state-controlled gas producer Gazprom is in negotiations with a club of banks for a new loan of $800m or more, its first corporate syndicated facility since the fall of Lehman Brothers.
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Most-favoured-nation (MFN) clauses expired last week on the LBO loans for UK car breakdown service RAC and French electrical company Spie, and the loans were subsequently quoted below their respective original issue discounts (OIDs) by traders. But some leveraged loan bankers suggested that the deals would not be the easy pickings that some investors had expected, because funds had hoarded so much cash.
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Bakrie Sumatera Plantations is running out of time to refinance a $185m bond which matures at the start of next month. The company has around a week to find $25m, and is now hoping to get commitments from investors who could suffer if the company was forced into a restructuring.
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Bank of Ireland has divested €5bn of non-core loans at a discount of around 9% without any adverse effect on its core tier one capital ratio. The sale of the assets puts the bank on track to meet the conditions of Ireland’s sovereign bail-out.
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Two private Russian financial institutions signed fresh credit lines on Thursday. Nomos and Promsvyazbank both signed one year loans with an all-in margin of around 300bp.
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Finnish industrial borrower Wihuri has signed a new credit facility totalling €150m, split equally between a five year term loan and a five year revolving credit line, after increasing the oversubscribed loans from a planned €120m.