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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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Russia’s Vnesheconombank (VEB) has signed a $2.45bn three year unsecured deal, the largest ever syndicated loan for a Russian bank. The borrower has also signed a Eu160m rouble equivalent credit agreement with HSBC. Barclays Capital co-ordinated the facility.
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Commitments from banks and funds led bookrunners to reverse flex the margins on German tow-bar producer Westfalia’s LBO loans by 25bp. Although pricing has not been disclosed, bookrunners said the margins on the loans — totalling around Eu70m — were the “market standard”.
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WILD Flavors, a Swiss flavourings company, has completed its debut loan facility, a Eu250m five year multicurrency line through bookrunners Citi, Commerzbank and UBS.
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Demand for loans in emerging markets is increasing, according to banks polled in a new survey by the Institute of International Finance (IIF), but a rate slower than in the previous quarter.
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Russian food retailer Dixy has secured a Rb4.5bn ($160m) bridge loan from UniCredit to part-finance its acquisition of Victoria Group.
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German railway wagon maker VTG has signed a new Eu450m syndicated loan which will, along with US private placements completed at the end of March, extend the maturity of its funding.