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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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China’s Hope Education Group is making its debut in the offshore loan market for a $200m borrowing. -
Genting Hong Kong, a cruise ship operator, has sent out a waiver request to lenders to postpone the principal payments on a $300m loan, as it navigates challenges posed by the Covid-19 pandemic.
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Without a vaccine for the coronavirus, it is clear that reopening offices is a serious risk for capital markets businesses. What firms need are strict distancing measures, facial masks and hand sanitiser — but also, crucially, access to frequent testing for the virus and the antibody.But that is a path fraught with difficulty.
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Some financial sponsors are said to be trying to purchase loans from their competitors’ portfolio companies, as an opportunistic way to benefit from the coronavirus-driven disruption. But the European loan market’s restrictive transfer provisions make this a legal high-wire act.
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Loans bankers are puzzled by a probe by the UK's Financial Conduct Authority into whether banks attached improper conditions to loans to companies during the coronavirus crisis. They are concerned the FCA could edge into criticism of the system of bank-client relationships that underpin modern corporate finance, and some believe this is already having an influence on how companies think about mandates.
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Richie Revill, formerly at Barclays, has joined the boutique Asian investment bank SC Lowy as head of markets for Europe.
