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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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Banks that lost out on LBO mandates as the leveraged loan market heated up in the early part of summer may now feel the benefits of their own bearishness, bankers said. Leveraged finance market participants predicted a shift in the make-up of underwriting groups in the next batch of LBOs as CVC chose a bank group for its buy-out of Raet, comprising five firms that have been relatively inactive in recent months.
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The European loan market, which has so far managed to avoid the storms engulfing other sectors, could be heading for a difficult period before the end of the year. BMW and Pernod Ricard are due to launch challenging refinancings in the coming months.
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Deep discounts on Turkish financial institutions paper in the secondary market have allowed retail banks to pick up an extra 140bp-150bp in yield over primary pricing.
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The leveraged loan market received a further reminder on Thursday of the long-term funding challenge it faces, with a report from Standard & Poor’s that said the lack of new CLO creation may lead to a second spike in defaults in Europe.