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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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Russia’s Gazprombank has identified a group of around 12 banks for its new $1bn three year loan. The bank group for the loan includes several of the lenders that arranged its $900m three year amortising loan in 2010 as well as a handful of new banks, said a loans banker close to the borrower. The mandate has not yet been signed.
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The margin on an $850m five year refinancing loan for Dubai-based Ports & Freezone World is 350bp, matching the margin offered earlier this year by Investment Corporation of Dubai.
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Promsvyazbank plans to issue a standalone syndicated loan of around $300m with a one to three year maturity before the end of this year, said Artem Konstandian, president of Promsvyazbank. However, he ruled out the possibility of issuing another Eurobond this year and said it was too early to say how it will borrow next year.
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Market nervousness surrounding the Italian sovereign and plummeting share prices for UniCredit, its largest bank, have taken a toll on the bank’s Russian subsidiary which has a Eu300m three year loan in syndication.
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Deutsche Bank has hired Jeremy Selway as a managing director in its leveraged loan team. He will begin his new job in September, EuroWeek understands.
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French car parts manufacturer Valeo has signed a Eu250m five year bullet loan. The deal was immediately swapped into yen to finance the borrower's acquisition of Japanese parts manufacturer Niles.