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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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For the last 18 months or so, Loan Ranger has been feeling pretty smug. While other ranch members have been panicking about closing markets, rocketing prices and redundancies, the loan market has continued along seemingly blissfully unaware of the volatility out in the wider world.
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September brought no sudden improvement to the mood in the leveraged finance market, but secondary loans prices have increased — slightly — on a week-on-week basis for the first time since July.
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The $1.5bn five year pre-export financing loan for Russian potash producer Uralkali is offering a margin of 180bp over Libor, matching the pricing on a $1.3bn loan for follow Russian fertiliser company Eurochem.
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Ukrainian petrol station operator Galnaftogaz has secured $190m in financing from multilateral development banks and commercial lenders.
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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.
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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.