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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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Deutsche Bank closed European Capital’s long-awaited balance sheet CLO on Friday, pricing the Eu288m of senior notes with a coupon of 320bp over six month Euribor. The German bank has not disclosed the split between third party investor placement and its own book.
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French IT firm Steria has signed new loan facilities totalling almost Eu600m in a deal led by BNP Paribas, Crédit Agricole, Natixis and Société Générale as mandated lead arrangers and bookrunners.
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Volkswagen launched a Eu5bn revolver on Monday, having mandated Citi and Commerzbank to co-ordinate the five year plus one plus one facility.
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Margins on Russian loans continue to tighten, with Rusal announcing that it will pay a margin of 235bp on its new five year pre-export financing loan of up to $4.75bn.
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Russia’s Gazprombank has sent a request for proposals for a loan of over $1bn, according to bankers close to the borrower.
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Gazprom Marketing & Trading has wrapped up syndication of a $400m 364 day multi-currency revolver, and may increase the size of the deal after strong oversubscription.