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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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Bookrunners are approaching banks in the early-bird syndication of the €181m of leveraged loans backing Gilde Buy Out Partners’ of food delivery company Eismann.
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Margin increases in the emerging market loan market are encouraging borrowers, including top tier Russian oil credits Gazpromneft and Rosneft, to launch deals sooner rather than later.
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Swiss reinsurance firm Zurich Re is out in the market with a five year plus one plus one transaction carrying a margin of 30bp.
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European banks have been trying to reduce their Asian loan portfolios over the last few weeks, reacting to ballooning funding costs at home, according to bankers. But these sales have not always been aimed at the most likely buyers: one bond investor got a call last week trying to convert him to a new asset class.
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Turkey’s Denizbank has opted to keep its lenders sweet with a 30bp increase in the pricing on its syndicated loan refinancing.
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Legacy leveraged buyouts are particularly vulnerable to a slow-growth environment, despite a general credit quality improvement, according to a report released by Standard & Poor’s.