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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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European corporate credits could see their bank borrowing costs rise by up to €50bn under Basel III and Solvency II regulation, according to a new report from ratings agency Standard & Poor’s. In total, borrowing costs are set to increase by between 10% and 20% over the next seven years, according to the agency.
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M&A activity in the Middle East suffered another blow when talks over the sale of Zain’s 25% stake in Zain Saudi to Bahrain Telecommunications Company (Batelco) collapsed this week.
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Natixis, RBI and UBS have provided Ukrainian grain and sunflower oil producer Kernel with a $150m revolving credit facility.
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Russia’s Nomos Bank is in talks with banks for a dollar loan priced at around 300bp over Libor, according to a spokesperson for the bank. The borrower has also completed a Rb6bn ($188m) subordinated loan from one of its shareholders to repay its $125m October 2016 Eurobond issue when the call option is due next month.
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Refinancing transactions from commodity trading firms —including Vitol, Ecom Agroindustrial, Stemcor and Arcadia Petroleum— are expected to be oversubscribed in syndication, after the borrowers took into account the higher dollar costs of their lending banks in the pricing of the deals.
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A €300m loan backing CVC’s takeover of payroll and human resources services provider Raet has been well received in syndication, giving hope to leveraged loans bankers about the level of investor demand in the primary markets. The loans, which support the buyout of the Dutch company from Alpinvest Partners and Advent International, are expected to be wrapped up on Friday.