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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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Switzerland’s Nestlé has increased the size of its revolving credit facility to €4.5bn, completing the refinancing of a €2bn line last week. The 364 day loan had been launched as a €4bn facility but was oversubscribed during syndication, despite a skinny 10bp initial margin.
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Asset manager Intermediate Capital Group has raised €1.1bn of its €2bn target for its latest European mezzanine fund, ICG Europe Fund V. And the firm’s CEO told EuroWeek that he sees greater opportunities for mezzanine lenders as senior liquidity fades.
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For months, bankers in the European loan market have been desperately scanning the horizon for the signs of a deal failing. They have been pinning their hopes on such an event to move pricing in the investment grade market back to realistic, sustainable levels — in line with, or at the very least closer to, their own funding costs. For too long, they complain, borrowers have been able to call the pricing shots.
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German carmaker Porsche is set to flex the pricing on its two year revolving credit facility by 50bp as bank lenders step up their battle against tight pricing in the European market.
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Sberbank may have to set its sights lower on its current deal than its preferred $2bn as the Russian bank’s relationship lenders remain cautious about committing large dollar tickets. The $1.2bn facility from 2008 that the new deal will replace was repaid on Monday, but the borrower has still not been able to set terms on a new facility after sending out a request for proposals last month.
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A Sharia-compliant tranche may be added to the $2bn financing package for Saudi Arabian construction company Saudi Oger due to strong interest from Islamic accounts in the Middle East during the retail syndication phase.