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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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Steel Authority of India (Sail) is mulling a return to the dollar loan market after an absence of almost 14 years, becoming the latest Indian company to turn offshore for funding as the country’s central bank keeps up an aggressive course of interest rate hikes.
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Société Générale has restructured its Asian acquisition and leveraged finance team for the second time this year. The French bank will split its acquisition finance and leveraged finance coverage from September, despite confirming Fabien Simon and Marc Frenkenberg as co-heads of that team in April.
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State-owned Bank of India is plotting a $175m return to the loan market, just seven months after it completed a three year deal. Liquidity has shrunk since the bank’s previous loan but local rival State Bank of India successfully raised $460m this week, suggesting that there is still good appetite for the right names.
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Commodities trader Vitol Asia has allocated a $1.585bn loan, after attracting 15 banks to the deal in syndication. The loan proved popular despite the tight pricing on offer, and the bookrunners were able to boost the size from an initial $1.2bn target.
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Despite reducing the size of its bank group, Hungarian oil firm Mol has signed its Eu1bn five year one plus one loan with an increased total and competitive margin.
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Seven mandated lead arrangers and bookrunners have completed a Eu480m five year revolver for France’s Vicat.