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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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Asia’s bond and equity markets may be in poor shape, but the loan market still offers huge funding for the right company. Noble Group underlined that point this week, raising $3.2bn from a deal that was almost $1bn larger than the company originally planned.
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French insurance firm Axa has increased its refinancing to Eu4bn and is set to sign the five year one plus one deal on Wednesday.
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Italian fashion retailer Gruppo Coin’s Eu985m buy-out has closed slightly oversubscribed thanks to strong appetite from Italian banks.
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General syndication of the Eu185m of leveraged loans supporting private equity firm Triton’s buy-out of DYWIDAG-Systems International (DSI) has been cancelled after an oversubscribed early-bird phase. Demand also meant that bookrunners could amend the margin ratchet on the loans, allowing the mining and construction company, headquartered in Luxembourg, to reduce margins earlier if it deleverages.
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Liquidity in leveraged loans has become scarce. A temporary solution in the form of prepayments to CLOs may be only months away, but a timely reminder has arrived that leveraged loans are only living thanks to a diet of existing liquidity from the pre-crisis years. Market participants should not panic, but complacency could be fatal.
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Romanian power supplier SC Hidroelectrica has signed a Eu110m ‘A/B’ loan with the European Bank for Reconstruction and Development (EBRD) and commercial lenders.