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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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Commitments are due today for a new loan of up to $2bn for chemicals and fertiliser manufacturer Saudi Basic Industries Corporation (Sabic).
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Funding officials at State Bank of India face a welcome question: how much money do they want to raise in the loan market? The bank has easily enough interest to boost its $300m loan by another $100m, but bankers now think it could increase the deal even further to accommodate the heavy demand.
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Turkey’s AY Marka Magazacilik, a textile company, has signed a Eu30m three year secured amortising term loan. The deal is secured against credit card receivables from three Turkish banks.
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Swedish truckmaker Scania has signed a Eu1bn senior multi-currency revolver with a group of its core relationship banks.
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An oversubscribed deal for Omani financial institution Bank Muscat is a positive signal for the market and for other Middle East FIs with impending maturities, according to loans bankers. But questions still hang over the strength of the recovery.
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The record for the largest European leveraged buy-out of 2011 so far has been broken for the second time in three weeks. A consortium of private equity firms this week mandated banks to raise around Eu1.5bn of debt for French engineering group Spie.