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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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The Financial Stability Board warned on Thursday of growing vulnerabilities in the leveraged loan and CLO markets. Increased leverage, weak covenants and the rise of non-bank lenders have added risk and complexity to the market, according to the global watchdog of the financial system, and the investors don’t have enough visibility on the debt instruments they’re buying. -
Enagas, the Spanish natural gas transmission company, raised €500m of new capital market on Wednesday night to help fund its acquisition of a stake in US firm Tallgrass Energy.
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Europe will probably see an increase in rates of corporate defaults in 2020 as credit quality deteriorates. Moody’s expects the rate of defaulting junk-rated issuers to triple, pushing the figure above the long-term average after an extraordinarily quiet year.
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Fidelity, the US asset manager, warned the European Securities and Markets Authority that Europe’s Market Abuse Regulation lacks clarity, and that even public side information on leveraged loans could potentially contain material non-public information.
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A subsidiary of Indonesian conglomerate CT Corp is talking to banks for a $750m refinancing loan, according to bankers close to the situation.
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Multiplex cinema chain Cineworld is betting on rapid expansion as it pours more billions into another North American acquisition. Cineworld, which is among the most shorted companies in the UK, plans to acquire Canadian competitor Cineplex in a $2.1bn deal financed by debt. This plan comes nine months after it made a $3.6bn acquisition in the US.
