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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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Turkey’s Akbank has signed a one year loan that carries all in pricing 100bp, refinancing the one year portion of a $1.2bn loan signed last summer.
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Indonesia’s Bakrie Sumatera Plantations was hit by bad news this week, after Standard & Poor’s put it on negative rating watch, only days after it had started to find demand for a $250m dual-tranche loan.
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Bank of India signed a $200m three year loan this week, increasing the deal by $25m after getting good demand in syndication, despite the borrower cutting fees by 18bp compared to a similar loan it closed last year.
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Jefferies has hired JP Morgan’s James Seagrave as managing director in its global financial sponsors investment banking group, expanding its private equity team in Europe. Seagrave will focus on UK financial sponsors and be based in London.
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Royal Bank of Scotland has moved Sarah Mackey from its DCM team to be head of EMEA financial sponsor coverage. She will replace Dan Haxby, who had held the position since 2008, on September 1.
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A €3bn facility for Germany’s BASF, which carries a margin of just 27.5bp, has been around twice subscribed in syndication. Commitments of €6bn have been pulled in for the deal, one of the tightest in the loan market since 2008, despite the volatility that has hit wider markets, and lenders’ will see their tickets scaled back.