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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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German utility EWE (A2) has increased its new five year revolving credit facility to Eu850m after receiving good demand in syndication. Barclays, BNP Paribas and Commerzbank arranged the loan, which was signed on Tuesday.
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Bookrunners on the Z14.3bn (Eu3.6bn) debt package backing the takeover of Polish telecoms firm by entrepreneur Zygmunt Solorz-Zak have launched Z6.394bn of senior loans into syndication. They are hoping to raise as much of the loans as possible in zloty.
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State-owned Hindustan Petroleum Corp approached banks with a $300m loan last week, the borrower’s second dollar deal in six months. But HPC is offering banks a premium on its last deal that it hopes will make it stand out from other Indian borrowers in a crowded market.
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Indian state-owned lender IDBI Bank is plotting a return to the loan market just eight months after its last deal. Liquidity has tightened over the past few months, but State Bank of India’s recent success has convinced IDBI that the time is ripe to launch a new deal.
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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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Noble Group raised $3.2bn from a huge group of lenders this week, underlining the resilience of loan markets to external shocks by getting almost $1bn more than it originally planned. Bankers will now turn to a slew of other commodities companies hoping to tap the market.