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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 has hired Rachael Pearson to join its emerging market loan syndicate desk, EuroWeek understands. She will report to emerging market loan syndicate desk head Adrian Walker.
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Russian miner Severstal’s takeover of Raspadskaya is in doubt, and talks with banks for a $5bn financing package for the deal are at a standstill, according to loans bankers.
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Chemicals and fertiliser manufacturer Saudi Basic Industries Corporation (Sabic) has signed a $2bn five year loan. It is split between a $1.25bn syndicated facility and $750m in co-ordinated bilateral deals.
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Angolan oil company Sonangol has launched senior syndication on a $1bn 10 year amortising loan.
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Iberdrola’s Eu3bn five year refinancing has this week highlighted the gulf between the fortunes of the top Spanish corporate borrowers and the country’s smaller financial institutions. Only three Spanish banks joined the transaction in syndication as the utility’s domestic lenders struggled to participate in a facility that is priced far below their own funding costs.
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More than Eu1bn has been raised in syndication for facilities totalling Eu700m for German furniture maker Steinhoff Europe, as the investment grade loan market enjoys a pre-summer rush of deals.