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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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Russian FI Credit Europe Bank has agreed a $250m one and three year facility with the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC) and a group of commercial banks.
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Syndication was launched for aluminium producer Rusal’s $4.75bn loan on Friday night. A group of fewer than 40 banks have been invited to commit between $50m and $150m to join the deal.
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Prices slid for secondary leveraged loans this week, forcing the arrangers of a deal backing the buy-out of French electrical engineering company Spie to widen its original issue discount. Bankers warned that the deal would not be the only casualty of the current bout of volatility, even though the secondary market remains illiquid with little paper available.
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A group of domestic and international banks have agreed to lend $250m in seven year money to the government of Tanzania.
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As plummeting share prices and rocketing CDS levels threaten to push up European banks’ funding costs, loans bankers said that emerging market borrowers were likely to be the first to see loan margins rise as a result. In western Europe, meanwhile, lenders prepared to sign the tightest transaction since 2008.
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UAE financial institution Bank of Sharjah has signed its $135m two year club deal, halving its borrowing costs.