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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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Syndication launched yesterday on one of the most complex and ambitious deals in the Middle East this year. The financing package of more than $2bn for Saudi Arabian construction company Saudi Oger was arranged by Deutsche Bank, which underwrote and funded the loans in April.
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Loans backing two French LBOs — €205m for the buyout of Etanco and €240m for Photonis — will be launched into syndication shortly. Appetite for these deals, say leveraged finance bankers, shows that the mid-cap market is being preferred by loan investors over larger-sized transactions.
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Retail lenders are opting out of committing to loans for Turkish financial institutions in the primary market. The trend for smaller bank groups on these loans is continued with only one bank taking a participant ticket in Vakifbank’s latest refinancing deal.
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Rural Electrification Corp (REC) is set to sign its $300m five-year loan on Friday, after a one week delay failed to bring in any new banks. The mandated lead arrangers will now absorb the remaining amount, according to a banker close to the deal.
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UralSib, a privately owned Russian bank, is set to sign a $110m one year loan, increased from $100m. The borrower offered a headline margin of 200bp, with an all-in of 300bp.
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Société Générale has appointed Ignacio Blasco as head of leveraged capital markets in its EMEA loan syndicate, based in London. He will replace Alaric Fountain-Barber, who left the bank to join UBS in June.