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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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More than 60% of European loans over the first seven months of the year were revolving credit facilities, according to data provider Dealogic, while volumes overall in the region have risen by 20% from the same period in 2010.
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Multilateral financial institutions have signed a deal to provide $164m in loans to finance the overhaul of Rift Valley Railways Investment’s Kenya-Uganda railway network.
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German chemicals group Evonik Industries has replaced a €1.5bn credit line agreed last summer with a new loan of the same size, taking advantage of the improved pricing on offer since it was upgraded.
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Rural Electrification Corp has launched a $300m loan into syndication, becoming the latest in a long line of India state-owned companies to tap the loan market.
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Profesional Telekomunikasi Indonesia (Protelindo) proved the wisdom of 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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A quiet secondary market could spark into life in September as banks look to offload loans left from summer leveraged underwritings, bankers say.