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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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Russia’s Sberbank will set a new benchmark margin on its new deal, but will not raise the maximum $2bn of three year money that it had initially targeted.
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Corporate borrowers are rushing to complete deals in the syndicated loans market before the end of the year, fearing that margins and terms will be much stricter in the New Year.
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A modest pipeline of leveraged buyouts is growing despite a series of hung syndications in Europe over the summer, as arranging banks remain open for business. Club deals and large bank groups are back in fashion, and most of the potential LBOs are in the mid-market. But even big names such as Orange Switzerland are under discussion.
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Energy trader Vitol has completed the refinancing of an outstanding $5.32bn dual-tranche revolver with a new flagship corporate revolving credit facility of $5.63bn. Ecom Agroindustrial, meanwhile, has wrapped up its $530m 364 day multicurrency revolver.
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Leveraged buyouts for frozen food delivery company Eismann and tyre-fibre producer Cordenka, both in Germany, will need nearly €300m between them as the lower mid-market continues to provide deal supply to the European leveraged finance market.
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Margin increases in emerging market loans are encouraging borrowers, including top tier Russian oil credits Gazpromneft and Rosneft, to launch deals sooner rather than later.