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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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After being starved of acquisition facilities for much of the year, European loan bankers this week gorged on M&A deals launched in recent days, with BHP Billiton’s €7.5bn loans attracting commitments of €12bn within a one week syndication.
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Bankers are in limbo as they wait for Reserve Bank of India approval to launch two dollar loans for Indian state-owned companies. Both Indian Railway Finance Corp and Rural Electrification Corp are "ready to go", according to bankers close to the deals, but delays at the central bank have pushed syndication into August.
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Lending to emerging market credits will not slow down for the summer, with Russia’s Rusal set to syndicate its $4.75bn refinancing deal over the traditionally quiet month of August and loans bankers reporting that there are plenty of other deals in the works.
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A group of ten banks is working on Russian oil company TNK-BP’s new four year amortising loan, which is set to be increased from its original $1bn size.
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German auto firm Volkswagen has signed a €5bn five year revolving credit facility after co-ordinators Citi and Commerzbank raised almost €9bn in commitments during syndication.
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A margin of just 35bp on a €5bn five year revolving credit for German auto firm Volkswagen this week could well mark the pricing bottom of the investment grade loan market, as the continuing debt crises in the US and across the eurozone take their toll on the sector.