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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 bankers are looking to close the loophole in syndicated loans pricing that has allowed corporate borrowers to draw down substantial pieces of their revolving credit facilities without paying utilisation fees.
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Switzerland’s Nestlé has once again shunned conventions in the European loan market to market its latest €4bn one year facility at a margin of just 10bp.
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Ghana Cocobod signed its largest ever annual one year trade finance loan for $2bn. The borrower initially targeted a $1.75bn deal but after raising $1.5bn in general it managed to reach $2bn.
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Russia’s largest bank by assets, Sberbank, has sent international banks a request for proposals for a syndicated loan of up to $2bn. The invitation did not mention the margin it hopes to secure but three bankers said that Sberbank indicated in one-to-one discussions that it wants to set a new benchmark for Russian financial institution pricing.
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Emerging market borrowers are being forced to bear the increased costs of bank funding. The bank group for a new club loan for Russian mining firm Suek have forced the borrower to accept a premium of more than 50bp on its new credit line, according to bankers close to the transaction.
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Syndicated loans bankers never tire of complaining that their clients are pressing them harder than ever on pricing at the moment, even though most banks’ cost of funding is continuing to rise. But this week saw a rare — although very small — concession by a powerful borrower to its relationship banks, as German automaker BMW opted to refinance a $8bn revolver with a euro facility that was launched on Thursday.