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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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Russian financial institution VTB is set to sign its $2.85bn-plus three year unsecured deal today, in spite of the $14bn bail-out for Bank of Moscow, in which VTB has a 46.8% stake, that was announced by the Russian Central Bank on Friday.
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An Z18bn ($6.6bn) leveraged buy-out for Poland’s mobile phone operator Polkomtel, the largest LBO since 2008, may breeze through syndication even as weaker deals in western Europe face pressure from shrinking liquidity.
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Russian leasing company VTB-Leasing has signed an export credit agency-backed $50m six year bilateral deal.
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Finnish chemicals company Kemira signed a new Eu300m five year revolver on Thursday with a syndicate of eight banks. Nordea was the coordinator and facility agent. Citi, Danske Bank, Handelsbanken, Pohjola Bank and SEB joined as mandated lead arrangers and bookrunners, while Deutsche Bank and ING were arrangers.
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After months of scarce LBO supply driving loan terms and structures to aggressive levels, a sudden reversal in the technical balance had bankers anxious this week that Eu6bn of live deals could struggle.
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French corporate borrowers Tarkett and Steria signed new loans this week, with the former increasing the size of its revolver to Eu450m after oversubscription.