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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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Dutch commodities trading company Trafigura Beheer has signed an increased $875m syndicated loan, after drawing enough demand in syndication to push the deal beyond its $700m target.
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Indonesia’s Bakrie & Brothers is in negotiations with its lenders about paying back a $1.345bn bridge loan, after shares backing the deal plummeted earlier this month. The company could turn to industry rivals for funding — and it looks likely to get some breathing room from its lender before being forced to pay back the cash.
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BMW’s decision to appease its banks over the currency of its RCF appears to have paid off, as its €6bn refinancing has attracted commitments of more than €9bn in syndication. The five year plus one plus one line is set to sign next week.
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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, say bankers. Club deals are back in fashion for most of the debt packages under discussion, but for bigger names such as Orange Switzerland, some banks are willing to compete for an underwrite.
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Some 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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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. Several investment grade credits are set to launch deals before the end of October as nervousness increases about borrowing conditions in 2012.