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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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Bank of India has approached banks with a $175m three year loan — the borrower’s second loan in less than seven months. But lenders will have to accept lower pricing this time after the bank slashed upfront fees by 18bp.
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The aggressive margin on a refinancing facility from A1/A+ rated Schlumberger, which was launched on Tuesday, has left bankers worried that the trend for tightening at the top end of the market has restarted.
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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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Danish shipping firm Torm has amended its bank facility to make $630m available in the medium term.
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Russian lender VTB has not yet set a date to sign a new three year unsecured loan and so has not yet replaced an $1.4bn facility that matured on June 23.
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Commitments are due on Wednesday for a covenant-lite loan being syndicated on a best-efforts basis for the refinancing of Norit, a water purification company owned by Doughty Hanson. Bankers said they have been surprised by the appetite shown for the loans.