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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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Ukrainian iron ore producer Ferrexpo is in talks with banks for a $500m revolving credit facility that it plans to leave undrawn, the borrower’s chief financial officer, Christopher Mawe, told EuroWeek.
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Korea’s four biggest banks — Hana Bank, Kookmin Bank, Shinhan Bank and Woori Bank — are starting to firm up their funding plans for the second half of the year, and despite a strong supply of loans from those banks, lenders are confident they can still win plenty of business before the year is out.
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Russia’s Promsvyazbank has sent lenders a request for proposals for a $250m-$300m one year trade finance loan. But lenders may be reaching country limits for Russian FIs, said bankers.
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Profesional Telekomunikasi Indonesia (Protelindo) proved the wisdom of its syndication strategy this week, sealing a $482.3m dollar and rupiah loan in a market better known for club deals. Bankers hope more syndications will now follow as several telecoms companies bid to buy towers from local titan Indosat.
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Andhra Bank approached lenders with an increased $110m loan this week, after convincing State Bank of India to join the deal as a fifth bookrunner and boost the loan from $90m. But the borrower will have to compete for commitments with a $250m deal from IDBI Bank, which bankers plan to launch on Monday.
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Rural Electrification Corp launched a $300m loan into syndication this week, becoming the latest in a long line of Indian state-owned companies to tap the loan market. Indian Railway Finance Corp is readying its $200m loan, which bankers could launch as soon as Friday.